NAIROBI, Kenya, April 9 – I&M Bank has extended free M-Pesa and Airtel Money transfers to sole business owners after last year offering the same to personal account holders.
The lender announced yesterday that the move is aimed at supporting small businesses and promoting financial inclusion.
“In addition to the free bank to M-PESA and Airtel Money transfers, individual customers will have access to Unsecured Personal Loans, a newly launched 30 Day loan and up to 12% p.a. interest on savings via the I&M Savers Account,” Shameer Patel, Head of Personal & Business Banking at I&M, said.
I&M Bank Kenya CEO Gul Khan, in a statement, emphasized the significance of supporting small businesses.
“Small business owners are the heartbeat of the economy and they contribute to over 80% of the employment in the country,” Ben Muhati, Chairperson of the MSME Alliance, stated.
“They are conscious of each coin they spend as they seek to generate maximum business value for their hustles,” he added.
“The decision by I&M Bank to not only offer Free Bank to M-PESA and Airtel Money transfers but also waive the business registration search fees is a step in the right direction.”
