In a bold move to strengthen its retail banking presence, I&M Bank Kenya has announced plans to open at least nine new branches across the country within the current quarter. This expansion forms part of the bank’s ambitious iMara 3.0 strategy, which aims to increase its branch network to 100 outlets by the end of 2025.
The expansion will see I&M’s total number of branches grow to 61, targeting key economic zones across Kenya. As part of this drive, the bank has already launched a new branch in Mtwapa, Kilifi County, enhancing its presence in the Coastal region. Two additional branches were unveiled in Nairobi’s Kawangware and ABC Mall.
The remaining six branches are set to open in strategic locations across the Central region—Kenol, Meru, and Embu—and the larger Western region, including Bungoma, Kakamega, and Kericho. By focusing on these economic hubs, I&M is reinforcing its commitment to supporting micro, small, and medium-sized enterprises (MSMEs) and improving banking accessibility for a broader customer base.
Notably, four of the new branches will be modular container units made from upcycled shipping containers, aligning with the bank’s drive to minimize environmental impact. “By adopting modular container branches, we are reducing our carbon footprint while maintaining the highest standards of banking infrastructure,” said Stanley Gachui, I&M’s head of distribution and premium banking.
I&M’s strategy to grow its retail appeal also includes waiving transaction fees from the bank to mobile money platforms such as M-Pesa and Airtel Money. This customer-centric approach, combined with branch expansion, has already seen the bank’s total employee count rise from 2,528 to 2,827 in 2023, adding 299 new jobs.
The expansion has contributed to a strong financial performance, with I&M Group reporting an 18% increase in net profit to KSh9.1 billion in the nine months leading up to September 2023. This growth has been attributed to a surge in lending, increased income from loans, and effective cost management.
With its focus on innovation, environmental sustainability, and customer service, I&M Bank’s aggressive expansion signals its commitment to becoming a leading force in Kenya’s banking sector.
