I&M Bank, MobiKash roll out agency banking services

I&M Bank and MobiKash have launched a partnership that will see the Bank provide its financial services at authorised MobiKash Agent outlets. This signifies the launch of I&M Bank’s foray into Agency Banking with the brand “I&M KARIBU”.

The roll out enables I&M Bank to tap into MobiKash’s expansive network with an objective of increasing convenience for its customers to easily access banking services, as well as to increase its customer base.

Through the partnership, I&M Bank customers will now able to withdraw and deposit cash at MobiKash Agent outlets, send money from a MobiKash account to an I&M Bank account, as well as send money from an I&M Bank account to a MobiKash account.

Speaking at the launch event, I&M Bank Group CEO Arun Mathur noted, “We are glad to roll out our services at the MobiKash Agents outlets. We are now able to reach out to a much wider geographic spread of customers in both urban and rural centers without having to incur costs in brick and mortar branches.”

I&M Bank has continued to invest heavily in robust Information Technology and automated services delivery infrastructure to facilitate efficient and innovative customer service delivery standards.

“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

“We believe that the Bank’s sustained investments in alternate delivery channels, and now with the introduction of I&M Bank services at MobiKash Agent Outlets, will continue to contribute to the positive growth trajectory of I&M Bank Ltd,” Mr Mathur further noted.

According to the 2013 Finaccess survey, Agency Banking has continued to contribute tremendously in enhancing the reach and coverage of financial services to Kenyans.

“By providing I&M Bank’s services at MobiKash agent outlets through the ‘I&M Karibu’ services we also hope to tap into the semi-urban and rural areas where we can reach the unbanked population to grow the Bank’s retail section,” Arun reiterated

I&M Bank Ltd’s services will be initially rolled out in about 500 of MobiKash’s agent outlets spread across the 47 counties nationwide, with notable presence in all Nakumatt supermarkets, Postbank branches, Bestlady cosmetics shops and other major retail outlets.

Commenting on the partnership, Duncan Otieno, CEO MobiKash stated that the partnership with the I&M Bank stands to greatly increase more transactions at MobiKash agent outlets as well as providing true financial interoperability in the country.

“MobiKash agents offering I&M Bank’s financial services will not be expected to have multiple agency transaction accounts to serve MobiKash and I&M Bank’s transactions separately as it is currently in the market. I&M Bank’s customers who are not MobiKash customers can now walk into a MobiKash agent outlet and use I&M Bank’s Mobile Banking platform to withdraw cash directly from their bank account, and instantly get cash at the MobiKash agent outlet. This is part of the financial revolution that MobiKash and I&M Bank has pioneered in and is expected to fully lead to financial deepening of our economy,” Otieno stated.

“At MobiKash we remain committed to delivering practical financial solutions, geared at making the wider Kenyan population access safe, reliable and efficient mobile money solutions,” Otieno reiterated.

Subscribers can access MobiKash Mobile Money service by dialing *365# across all networks.

MobiKash will manage all its agents while I&M Bank will play an oversight role in this partnership. The Bank will support the agents in all the regions through its branch network where agents will maintain their floats in the Bank’s MobiKash trust account.