I&M Bank rolls out agency banking services in Kenya

The move will enable the bank to strengthen its presence in rural areas.

I&M Bank has signed an agreement with MobiKash to provide financial services at authorised MobiKash agent outlets in Kenya under the brand "I&M KARIBU".

The roll out enables I&M Bank to tap into MobiKash's network to allow more Kenyan to access banking services, CIO East Africa reports.

"We are now able to reach out to a much wider geographic spread of customers in both urban and rural centres without having to incur costs in brick and mortar branches." said I&M Bank Group CEO Arun Mathur.

"We have invested in integration of our Bank's systems where mobile and card payments are fully synchronised with the bank's core-banking system. This will in turn enable the bank to process transactions conducted at the MobiKash agent outlets in real-time," he added.

The bank's customers will be able to withdraw and deposit cash at MobiKash agent outlets, send money from a MobiKash account to an I&M Bank account and vice versa.

I&M Bank services will be initially rolled out in around 500 of MobiKash's agent outlets nationwide, including post offices, supermarkets and other retail outlets.