Bank Review: I&M Bank (Kenya) — Everything you need to know

Bank Review: I&M Bank (Kenya) — Everything you need to know

I&M Bank Kenya, a subsidiary of I&M Group Plc, is a financial institution that provides banking, investment, and insurance products to individuals and businesses.

I&M Bank offers insurance and investment products through its subsidiary companies: I&M Insurance Agency Ltd(IMIAL) and I&M Burbidge Capital(IMBC).

The bank also has an extensive international network, making it easy for its customers to send money and receive money locally and internationally.

This article covers the products offered by I&M Bank, how to access them, and how to send money with I&M Bank Kenya.

History and importance of I&M  Bank Kenya

I&M Bank started out as Investment & Mortgages Limited in 1974, a private company focused on offering services to businesses in Kenya.

I&M Bank registered as a commercial bank on the 1st of April 1996. Its parent company’s-I&M Holdings-acquisition of Citi Trust limited, Biashara Bank of Kenya Limited, and Giro Commercial Bank helped the bank to expand its product offerings in Kenya.

I&M Bank Kenya is also invested in Kenya’s social and economic progress. Its foundation-The I&M Bank foundation- partners with other local foundations to improve and provide education, environmental protection, and economic empowerment in Kenya.

In 2021, The I&M Bank Foundation reached over 660 children through its partnership with the Shamas Rugby Foundation.

The foundation also sponsored the high school education of 25 children through its partnership with the Palmhouse foundation.

You can learn more about the I&M Bank foundation and its impact in Kenya here.

Products and services offered by I&M Bank

I&M Bank offers products and services to individuals and businesses. They are split into 4 categories: personal banking, business banking, investment services, and insurance products.  The products and services under these categories are:

I&M Bank’s personal bank accounts

These are bank accounts for local Kenyans or Kenyans in the diaspora. The bank’s personal bank accounts are in 3 groups: transactional accounts, saving accounts, and bundle accounts. Some of the personal bank accounts offered by I&M are:

Sapphire foreign currency account

The Sapphire foreign currency account is an interest-earning account used to carry out foreign transactions. It can make transactions in 8 major currencies including the US Dollar, British Pound, and Euro.

I&M Bank does not charge any maintenance fee on the account and interest is paid on the account every quarter. A Minimum of USD/EUR/GBP 100 is required to open a Sapphire foreign currency account.

How to open a Sapphire foreign currency account

Local Kenyans

You need the following documents:

  • A Kenyan National ID card/passport
  • Your KRA PIN number
  • One passport-size photograph.

Foreign nationals

You need the following documents:

  • A passport
  • A work permit/dependent pass
  • One passport-size photograph

Visit any I&M Bank branch near you with the required documents to open the account.

Kenyans in the diaspora

  • Tap here to visit the application portal or find an I&M Diaspora agent near you.
  • Complete the application details
  • Attach all the required documents and submit the form.
  • You can also send a filled hard copy form and documents to diaspora@imbank.co.ke

Young Professionals account

The Young professional account is for working individuals interested in growing their income. No amount is required to open the account and the bank does not charge a maintenance fee on the account. Some of the features of the account are:

  • A free International Visa Classic Debit Card (T$C’s apply)
  • 2 free monthly I&M Bank ATM withdrawals
  • 2 free monthly Mobile Money & PesaLink transactions
  • Reward points on Debit Card POS/Online transactions
  • Special insurance bundles and benefits

How to open a Young Professional account

Local Kenyans

You need the following documents:

  • A Kenyan National ID card/passport
  • Your KRA PIN number
  • One passport-size photograph.

Foreign nationals

You need the following documents:

  • A passport
  • A work permit/dependent pass
  • One passport-size photograph

Visit any I&M Bank branch near you with the required documents to open the account.

Kenyans in the diaspora

  • Tap here to visit the application portal or find an I&M Diaspora agent near you.
  • Complete the application details
  • Attach all required and authorised documents and submit the form.
  • You can also send a filled hard copy form and the required documents to diaspora@imbank.co.ke

Personal Tayari account

A personal Tayari account is for people that prefer to do their banking with I&M Bank’s debit cards and online product channels.

A minimum amount of KShs. 2,000 ($17.14) is required to open the account and the bank charges a monthly maintenance fee of KShs 250 ($2.14) on the account.

How to open a Personal Tayari account

Local Kenyans

You need the following documents:

  • A Kenyan National ID card/passport
  • Your KRA PIN number
  • One passport-size photograph.

Foreign nationals

You need the following documents:

  • A passport
  • A work permit/dependent pass
  • One  passport size photograph

Visit any I&M Bank branch near you with the required documents to open the account.

Kenyans in the diaspora

  • Tap here to visit the application portal or find an I&M Bank diaspora agent near you.
  • Complete the application details
  • Attach all required documents duly authorised and submit the form.
  • You can also send a filled hard copy form and the required documents to diaspora@imbank.co.ke

Other types of I&M Bank’s personal bank accounts are Personal Sapphire account, Premium Select account, MyGoalz account, Online savings account, and Flexi Deposit Builder.  

I&M Bank’s personal loan services

Local and diaspora Kenyans can access I&M’s loan services. The bank offers 3 types of personal loans: car loans, mortgages, and unsecured personal loans.

Car loans

I&M offers loans that can be used to purchase new or used vehicles. You can learn more about the bank’s loan product and use its car loan calculator to calculate the loan’s interest rate here.

Home loans

These are loans used to either build, purchase and lease a property or land. There are 2 types of I&M Bank home loans: step-up home loans and regular home loans (EMI option).

The step-up home loan option is suited for individuals that want to pay a higher premium at a later date while the regular home loan option is for individuals that want to pay a regular premium amount throughout the loan's duration.

You can learn more about I&M’s mortgage loan product and use its home mortgage calculator here.

I&M Unsecured Personal loan

These are loans processed within 24 hours and do not require collateral to apply. You can also choose a loan duration period between 1-60 months when applying for the loan.

Simply visit an I&M Bank branch near you to apply for a car, mortgage or unsecured personal loan.

I&M Bank’s business bank accounts

These are I&M bank accounts for small, medium and large businesses in Kenya. Some of the business bank accounts offered by I&M Bank are:

Business premier current account

A minimum amount of  KES 10,000 ($85.72) is required to open a business premier current account, but the bank does not charge any maintenance fee on the account. Some of its features and benefits are:

  • Free transfers between I&M bank accounts
  • An annual fee of KES 500 ($4.29)on debit cards
  • Free e-account statements and notifications
  • Access to I&M’s insurance and loan products
  • Free ECommerce setup

To open a business premier current account, submit the required documents at any I&M Bank branch near you.

Business current account

A minimum amount of KES 1,000 ($8.57)is required to open a business current account, but the bank does not charge any maintenance fee on the account. Some of its features and benefits are:

  • Free transfers between I&M bank accounts
  • Access to Cash Deposit Machines
  • Free ECommerce Setup
  • Access to I&M’s insurance and loan products
  • Option to integrate a business payment collections service t

You can compare the difference between the premier business current account and the business current account here.

Business banking bundle

This is a business bank account that packages I&M Bank’s products that fits your business. With a business bank bundle account, you gain access to:

  • Four types of I&Ms business accounts (Sapphire business, Biashara business, Alpha business, and Savannah business accounts)
  • A combined insurance bundle (Fire + Burglary + WIBA + Office equipment insurance)
  • A dedicated relationship manager
  • Bulk Cash Deposit Machines and unsecured bid bonds

Other types of business accounts are Fixed deposit, Noble account, iMinVest Chama, Diplomatic account

How to apply for an I&M Bank business account

To apply for a business account, simply:

  • Follow the guidelines and requirements outlined in the guide here
  • Submit the required documents outlined in the guide above to an I&M Bank branch near you

I&M Bank business solutions

These are banking solutions tailored to meet the needs of small, medium and large businesses in Kenya. Some of its banking solutions are:

Faster Paybill

This solution provides businesses with M-PESA Paybill shortcodes that customers can use to depot money directly into the business account. Faster Paybill can be used to collect up to Kes 150,000($1,285.87) per transaction.

Direct Debit Scheme

The Direct Debit Scheme helps businesses collect regular payments from customers irrespective of their bank type.

It is suited for businesses that collect payments regularly e.g membership fees, rent, etc. It is also automatic and easy to set up.

Other types of I&Ms business solutions are Salary transfer service, I&M Webpay, Remote Cheque Scanning, German Desk, Business Connect, and Cash Management Service.

You can register your business for any of the solutions above by visiting an I&M Bank branch near you.

I&M Bank business loans

These are I&M loans offered to businesses. I&Ms business loans come as overdrafts, term loans, and asset finance.

Overdrafts are short-term loans that can also be for working capital requirements. Overdrafts are available in Kenyan Shillings, US Dollars, GB Pounds, and Euro.

Term loans are granted to businesses to either purchase long-term assets (land, machines, vehicles, etc.) or finance business expansions and acquisitions.

Asset Finance loans are used to purchase business assets like vehicles and machinery.  

You can apply for an I&M business loan by visiting an I&M Bank branch near you.

I&M Bank’s Investment product

I&M offers investment products to medium and large businesses through its subsidiary, I&M Burbidge Capital Limited (IMBC).

It was founded in Nairobi in 2010 as Burbidge Capital Limited and a majority of its shares were purchased by I&M Bank Holdings PLC in 2016. After the acquisition, Burbidge Capital Limited was renamed I&M Burbidge Capital Limited (IMBC).

I&M Burbidge Capital Limited (IMBC) offers the following services;

  • Strategic options advisory
  • Mergers & acquisitions advisory
  • Debt capital raising advisory
  • Private equity advisory
  • Equity capital raising advisory

You can learn more about I&M Burbidge Capital Limited (IMBC) services on its website here.

I&M Bank is also licensed by the Capital Markets Authority (CMA). Through I&M Bank, Kenyan individuals, foreigners, and businesses of all sizes can

  • Invest in equities, fixed-income, and other securities
  • Open and maintain CDS depository accounts
  • Invest in government securities through primary and secondary market trades
  • Carry out offshore and cross-border investments in international markets, etc.

You can learn more about I&M Bank’s custodial service on its website here

You can access I&Ms investment products by visiting an I&M Bank branch near you or contacting its Custody & Investment Services team by sending an email to ims@imbank.co.ke.

I&M Bank’s Insurance products

I&M Bank offers insurance products to local and diaspora Kenyans, businesses, and institutions through its subsidiary, I&M Insurance Agency Limited.

You can also access its insurance products if you do not have an I&M Bank account. Its insurance products are grouped into 3 categories: General, life, and business insurance.

General insurance

I&Ms general insurance products can be accessed by both local and diaspora Kenyans. Here is a list of I&Ms general insurance products:

Life insurance

I&M's life insurance products can be accessed by both local and diaspora Kenyans. There are 3 types of I&M's life insurance products: Child Education, Pension plan, and Golfers insurance.

Business insurance

These are insurance products offered to businesses in Kenya. There are 3 types of I&Ms business insurance products: Business combined policy, Work injury benefit act, and Insurance premium financing.

You can apply for I&Ms insurance products by visiting an I&M Bank branch near you.

How to access I&M Bank products

You need to visit an I&M Bank branch to get started with any of the bank’s products. Registered I&M customers can access their bank accounts in 4 ways:

I&M cards

I&M offers Mastercard and VISA debit, credit, and prepaid cards to its customers. The cards can be used online and offline to

  • Pay for goods and services
  • Withdraw and deposit money at ATMs all over the world
  • Access discounts and bonuses from I&M

To get an I&M card, simply choose the type of card you want and apply for the card at an I&M branch near you. You can view the cards offered by the bank here.

I&Ms online banking

Individuals and businesses can use I&M online portal (I-Click) to access their accounts anytime. With I-Click, you can:

  • Send money to any bank account
  • Access your account 24/7
  • Request for cheques, standing instructions, etc.
  • Buy airtime
  • Transfer funds to MPesa accounts
  • Pay bills

How to register for I-Click

  • Visit I&Ms online portal(I-Click) here
  • Choose the Self Registration option (you need to have an active I&M debit card)
  • You can also visit any I&M Bank branch near you

I&M Bank mobile banking

You can use the I&M Bank mobile app to access your account with your phone. The app is available on both IOS and Android devices. You can use the bank app to:

  • Access your account 24/7
  • View your account balance
  • Pay bills
  • Make mobile money, local and international payments
  • Buy airtime

How to register for I&M mobile banking

  • Download the I&M bank app from the Playstore or Appstore
  • Input the email account connected to your I&M bank account
  • Follow the prompts on the screen

I&Ms Bank agents

I&M bank agents act as intermediaries between you and I&M bank. With an I&M agent, you can:

  • Withdraw and deposit money into your account
  • Pay your bills
  • Purchase airtime
  • Kenyans in the diaspora can apply for any I&M product via an I&M diaspora bank agent

How to send and receive money with I&M Bank

I&Ms extensive network makes sending and receiving money from anywhere in the world easy. You can make local and international payments via:

SWIFT

You can send and receive money through I&Ms partner banks found in different countries in the world. All you need to do is I&M Bank’s swift code which is IMBLKENA.

You can view I&Ms international partner banks here

Western union

You can send and receive money through any Western Union agent or branch in the world.

How to send money with Western Union

  1. Visit any I&M Bank Branch near you with your identification documents (ID or passport)
  2. Fill out a send form that contains the recipient's full name, location, and the amount you want to send.
  3. Submit the filled form and amount to be sent including the transaction fees
  4. Share the tracking number (MTCN) with the recipient

How to receive money with Western Union

  1. Visit any I&M bank branch near you with the transactions tracking number (MTCN) and personal identification (ID or Passport).
  2. Complete the receiver form and submit the filled form to the bank teller

MPesa

You can receive and transfer money from MPesa to I&M Bank and vice-versa in 4 ways:

Mpesa to I&M bank account

  • Go to the Safaricom Menu
  • Select M-Pesa
  • Select Lipa na M-Pesa
  • Choose the Pay Bill option
  • Input I&M Bank’s paybill number 542542
  • Input the recipient I&M Bank account number
  • Input the amount you want to transfer
  • Input your MPesa PIN and confirm the transaction details

I&M Bank’s internet portal (I-click)

  • Login to I-Click
  • On the services menu, go to Manage Utilities and tap New
  • Create a beneficiary following the prompts
  • Tap Utility Payment
  • Choose the newly created beneficiary and follow the prompts on the screen
  • Tap Send. The Beneficiary will receive a notification from M-PESA notifying him of the received funds.

I&M Bank’s mobile banking

  • Login to I&M mobile app. You can download the app from the Playstore or Appstore
  • Navigate to Mobile Money
  • Tap Send to Mpesa
  • Follow the prompts on the screen
  • Tap Send. The Beneficiary will receive a notification from M-PESA notifying him of the received funds.

USSD code

  • Dial *458# on your mobile phone
  • Choose the Mobile Money Option (5)
  • Choose Account to M-Pesa option (1)
  • Follow the prompts on the screen
  • Tap Send. The Beneficiary will receive a notification from M-PESA notifying him of the received funds.

You can also send and receive money with Airtel money, Pesalink, Moneygram, and I & M Webpay.

Frequently asked questions

What is I&M Bank’s paybill number

542542

What is I&M Bank SWIFT code

IMBLKENA

What is I&M Bank’s USSD code

Simply dial *458# on your mobile phone

What is I&M Bank’s contact information

I&Ms headquarters and postal address: I&M Bank Tower, P.O. Box 30238 – 00100, Nairobi GPO, Kenya

Where are I&M Bank branches in Nairobi

You can find the nearest I&M bank branch here. You can also find an I&M Bank ATM here

I&M Bank also has international banking agents for its diaspora customers in 10 countries.

What are I&M social media accounts

I&M is active on Facebook, Twitter, LinkedIn, Instagram, and YouTube

You can also visit the bank’s website here.

What is I&M Bank customer care number

You can speak to an I&M bank customer agent 24/7 by dialing:

+254 719 088 000

+254 20 322 1000

+254 732 100 000

+0800721088 (Toll-Free - Card Enquiries)

You can also

Kenyans in the diaspora can:

Conclusion

There is an I&M bank account, loan, investment, and insurance product for everyone but most of its products are for businesses and high-earning individuals.

Kenyans in the diaspora have the option to sign up for the bank’s services through the bank’s diaspora against or online portal, but residents in Kenya have to visit one of its physical branches to get started.