Kenya-based I&M Bank has signed a partnership with MobiKash, an independent mobile commerce and payment ecosystem, to venture into agency banking with the brand name I&M KARIBU.
Under the deal, MobiKash will manage all its agents while I&M 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.
The partnership will enable the bank customers to withdraw and deposit cash at MobiKash agent outlets and transfer money between MobiKash and I&M Bank accounts.
The services will be initially rolled out in about 500 of MobiKash’s agent outlets spread across the 47 counties nationwide.
The bank will introduce more agents countrywide by the mid-year 2015, and will start rolling out agency banking in its Rwanda, Tanzania and Mauritius subsidiaries from 2016.
I&M Bank Group CEO Arun Mathur said: "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."