In Kenya, I&M Bank has signed a partnership deal with MobiKash. Customers of the lending party will be able to deposit and withdraw money from the 500 mobile money transfer service agent’s network. This is according to standardmedia.co.ke.
According to MobiKash, it will manage all its agents while I&M Bank will play an oversight role in the partnership. The Bank will support the agents in all the regions through its branch network where they will maintain their floats in the Bank’s MobiKash trust account.
In the report, I&M Bank revealed that the partnership signifies its foray into agency banking under the brand “I&M Karibu,” which, will be expanded to a large countrywide network of partner agents in the next few months. I&M Bank plans to sign up more agents countrywide by mid this year, and will start rolling out agency banking in its Rwanda, Tanzania and Mauritius subsidiaries from next year.