I&M Bank eases cross-border deals for customers with new product

I&M branch on Kenyatta Avenue, Nairobi. FILE PHOTO | NMG

I&M Bank customers are now able to transact seamlessly in three countries through a single account allowing easy movement of cash for its clients doing business across the East African region.

The new product called I&M Brisk allows the bank’s customers to access real-time withdrawals, deposits and funds transfer at any of the lender’s outlets in Kenya, Rwanda, and Tanzania using their existing account.

The financier also plans to extend the service to other countries such as Uganda and Mauritius where the group has a presence in the next few months.

Previously, a Kenyan I&M customer would have to undergo a long and tedious process to withdraw cash, make a deposit, or transfer funds when he moves to Rwanda or Tanzania.

“Brisk provides our customers with one convenient account that caters to all their transactional needs across the region. Whenever our customers move within the three countries, they will not need to open a new account, they just take their existing account with them,” I&M Bank Kenya, chief executive, Kihara Maina said in a statement on Thursday.

By launching the service in Kenya, Rwanda, and Tanzania I&M bank will join lenders such as Equity Group and KCB Group that offer the same service across their regional markets.

The ability to offer seamless services to clients across multiple markets is seen as an advantage in attracting and retaining multinationals.

Through I&M Brisk, customers can transact in their respective countries' currency or any of the three major international units such as dollars, pounds, and euros.

The service will benefit customers doing business in the three countries and need to make or receive payments to and from them.

Individual clients who travel for personal or business purposes in the three countries will also benefit from the new service.

“Over the years, through feedback from customers and review of data, the bank realised that majority of its customers were making and receiving payments across the three countries in the region, be it business or individual transactions. Their transactions would sometimes take long, or the process would be longer than desired by customers,” he said.

Big banks led by Equity, KCB, I&M, and DTB have been deepening and expanding their presence in the region in pursuit of growth and diversification.

PAYE Tax Calculator

Note: The results are not exact but very close to the actual.