I&M Bank is accelerating its retail expansion under its iMara Strategy (2024-2026) with plans to unveil nine new branches in the first quarter of this year, going against the industry trend leaning towards reducing physical branches. This initiative builds upon last year’s momentum, which saw the lender extend its footprint into four new counties even as digital banking takes root in the banking sector.
The latest phase, targeting key economic zones across the country, underscores the I&M 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.
Driven by rapid urbanisation and increased commercial activity, this expansion will bring the bank’s total branch network to 61 across 21 counties. This year’s expansion drive commenced with the opening of the Mtwapa Branch in Kilifi County, marking the 9th branch in the Coastal region.
Speaking during the official opening of the Mtwapa Branch along the Malindi-Mombasa Highway, on Saturday 1st March, I&M Bank CEO, Mr Gul Khan, noted that Mtwapa is an economic powerhouse with a thriving business community. “The Coastal people are known for their warmth, resilience and entrepreneurial spirit, which have made this region a hybrid hub of both commerce and culture,” Mr Khan said. “Our new branch will provide innovative financial solutions that cater to individuals, businesses and investors, reinforcing our commitment to catalysing Kenya’s economic development.”
The new Mtwapa branch promises to offer a full suite of retail and MSME banking services, including business financing, trade services, investment solutions and digital banking platforms to enhance customer convenience.
The Chief Guest at the branch opening ceremony and Chairperson of the Kenya National Chamber of Commerce & Industry (KNCCI), Mombasa Chapter, Mr Abud Said, highlighted the significance of I&M Bank’s expansion in Mtwapa saying, the bank has demonstrated commitment to the growth of small businesses in coast.
