June 15, 2024

Digitalization of Services Makes I&M Bank Remain Afloat

I&M Bank Executive Director Gul Khan (Left)accompanied by Chairman Kenya Association for Hotel Keepers and Caterers Kioko Musyoka (Centre) cutting the tape during the launch of the Diani Branch (Photo By Mwakwaya Raymond)

By Mwkwaya Raymond

Email, thecoastnewspaper@gmail.com

As the world drifts to digitalization, I&M Bank has equally embraced the Technology to render its services. A move that has retained its relevance to the customers despite any ongoing economic conditions.

I&M regional manager James Ng’ang’a says the bank has digitized most of its services that have become some kind of a charm to its customers who are able to access the services at any time or place of choice.

Speaking during the launch of its 52nd I&M branch in Diani of Kwale County on February 15, 2024, the manager said unlike other banks that were financially drained due to the economic crunch, the bank has remained steadfast in conquering the financial market.

“During the COVID-19 pandemic period many financial institutions closed down because of the curfew but I can confirm to you that we made some good business because our services were readily available online as we had digitalised most of them, thanks to digital Technology.”

Apart from I&M Diani branch being its 52nd nationally, it’s the eighth within the Coast region with two branches being in Mombasa.

The Diani branch is expected to capitalise heavily depend on the Blue Economy activities that are taking shape along Kwale County’s beachfront.

“As we open this eighth branch in the region, we expect that blue economy activities will be our standing pillar in the growth of this branch.”

He appealed to customers to transact business with the branch as it offers a lot of incentives and customer-tailored services.

According to him unsecured loan of Sh10 million can easily be accessed for any of its clients who qualify for the such amounts based on their financial securities.

Meanwhile, Kenya Association for Hotel Keepers and Caterers has welcomed the new branch saying it was timely and would stimulate the economic activities of the area.

Kioko Musyoka, the chairman, said economic activities in the area would soon be revitalized especially with the modernization of Diani Airport and the opening of Dongo Kundu bypass. This will enhance trade and commerce there with urgent need for digitalised financial services.

“Collectively we have the ability to champion specialized financial solutions tailored to the unique needs for the people in Diani. We look forward to educational initiatives and capacity building endeavors to equip local businesses with financial management skills,” he added.

According to him the ongoing infrastructure development will transform Diani into a world class business hub tapping into investment such as the I&M bank there.

With the tourism industry picking up its momentum, he said the bank would be at the centre of its growth as the engine of not only the county, but also the national development.

The bank is expected to generate employment and also drive the foreign exchange earnings so as to contribute significantly to the country’s gross domestic product (GDP).

According to him the local hospitality sector is also set to benefit from the bank’s Diani branch through accessing its financial products.

Both Ng’ang’a and Musyoki agreed that Peace was paramount in all economic activities in the area to attract more investors to the county.

To them, competition is healthy in pushing up development in every aspect of trade and commerce being done under secure environment.

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