IM bank eyes MSME's in quest for Western's market
Business
By
Bernard Lusigi
| Apr 03, 2025
Thousands of Micro, Small, and Medium Enterprises (MSMEs) in the Western region have received a significant boost in their quest for financial services and entrepreneurship skills following I&M Bank's decision to open a new branch in Kakamega.
Speaking during the branch opening, Cromwell Kedemi, the Head of Personal Banking at I&M Bank, said they are focused on empowering small-scale traders in the region to help them grow their businesses, boost the local economy, and improve their livelihoods.
"One of the key initiatives we have introduced is an MSME clinic, where we train our customers-who are small-scale traders-to better understand business management, customer relations, and networking opportunities to expand their ventures," said Kedemi.
The move is part of the bank's broader effort to contribute to the growth of the local economy.
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He added, "Since MSMEs are the driving force of our economy, we have targeted sole proprietors in the sector by offering zero charges on money transfers from bank accounts to mobile or M-Pesa accounts. This ensures they can conduct their business without the burden of mobile banking costs."
Kedemi noted that I&M Bank opened the Kakamega branch to capitalise on the county's growing population and the expanding MSME sector, which presents opportunities for increasing the bank's market share.
"We are excited to open the Kakamega branch because it represents a critical business opportunity for us. This is a market we have been keen on, as Kakamega is a growing town with opportunities in MSMEs, personal banking, and corporate banking. We cannot afford to miss out on these opportunities," said Kedemi.
He also highlighted that the bank has employed local staff to assist and train clients in using technology for digital mobile banking services.
"We are the only bank that offers free money transfers between bank and M-Pesa accounts. With the ever-evolving banking technology, we have recruited local staff to educate our clients and MSMEs on how to use our banking services. Their accounts and funds are secure, as we have one of the latest technologies guaranteeing safety," he said.
The bank also offers loans of up to Sh1 million at a 16 percent interest rate and serves customers across all financial backgrounds and business types.
Seline Awour, Head of the Marketing Team at I&M Bank, said the bank is expanding its services nationwide while prioritising seamless customer service and exceptional banking products.
"As we continue opening more branches, our focus-particularly in Kakamega and the Western region-is on retailers and MSMEs. We aim to expand beyond corporate banking and extend our services to these customers. That is why even the structure of our branch offices, which is in a container format, is designed to be more accessible to ordinary people," said Awour.