I&M Bank Kenya plans to open at least nine new branches within the current quarter as part of efforts in accelerating its retail banking business.
The lender ultimately aims to raise its reach in the country to 100 outlets by the end of next year under its three-year strategy dubbed iMara 3.0.
The lender said the current expansion, which will bring the total branch network to 61, targets key economic zones across the country and builds on last year’ momentum which saw the bank extend its footprint into four new counties.
As part of the current drive, I&M has already opened a branch in Mtwapa, Kilifi county bringing the total number of branches in the Coastal region to nine, in addition to two others unveiled yesterday in Kawangware and ABC Mall within Nairobi.
The lender says the remaining new branches will be spread across the Central region (Kenol, Meru and Embu) and the larger Western region (Bungoma, Kakamega and Kericho).
“The latest phase, targeting key economic zones across the country, underscores the bank's commitment to supporting Kenya's burgeoning business hubs and enhancing access to banking services for Micro, Small and Medium Enterprises (MSMEs) and retail customers,” said I&M in a statement.
The lender added that four of the new branches are upcycled end-of-life shipping container branches, in line with its push to minimise environmental impact.
"By adopting modular container branches, we are reducing our carbon footprint while maintaining the highest standards of banking infrastructure," said Stanley Gachoki, head of distribution and premium banking at I&M.
Part of the ways the lender has been growing its retail appeal is by permanently waiving fees on transactions from the bank to mobile money wallets including M-Pesa and Airtel Money.
The bank’s parent company –I&M Group— in 2023 added 299 new jobs following the aggressive expansion drive, raising the firm’s total employee count to 2,827 from 2,528 posted in the previous year.
During the nine months to last September, the group’s net profit jumped 18 percent to Sh9.1 billion up from Sh7.7 billion during a corresponding period the previous year, aided by higher income from lending to customers at a time of surging interest rates in the economy.
The lender reported a 37.7 percent jump in net interest income to Sh26.3 billion during the period, up from Sh19.1 billion in a similar period the previous year.
