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Kenyan financial services major I&M major, founded by businessman Suresh Bhagwanji Shah, is looking to strengthen its position in the country’s retail banking market with an ambitious goal to treble its brick-and-mortar footprint.
The three-year program, known as iMara 3.0, sets a goal of reaching 100 branches by the end of 2026. This aim implies an aggressive expansion strategy, with I&M needing to open at least 17 additional branches per year, up from its present network of 50 locations in Kenya.
“A significant aspect of our strategy revolves around scaling up our retail business,” stated Gul Khan, CEO of I&M Bank Kenya. “We are intensifying efforts to fortify our presence in retail banking, striving to attain global relevance for Kenyan consumers.”
I&M Group is implementing a two-pronged expansion strategy in Kenya, combining physical branch expansion with a focus on digital platforms to drive retail banking growth. The emphasis is on gaining a larger proportion of the MSME sector, which is a major generator of Kenyan economic activity.
In mid-January, the group opened eight new branches in Kenya as part of its expansion. This is the first phase in a plan to build 12 more by year’s end, greatly expanding I&M’s branch network across the country.
These strategic branch expansions include a wide range of localities, including the Coast, Nairobi, Naivasha, and Tatu City in Kiambu County. According to I&M executives, the expansion is motivated by both increased consumer demand and thorough study to determine the best places.
Suresh Bhagwanji Shah founded I&M Group in 1974, which now serves as the non-operating holding company for I&M Bank Limited. The financial services firm has active operations in Kenya, Tanzania, and Rwanda, as well as a joint venture in Mauritius.
Shah, who is well-known for his crucial role in transforming I&M into East Africa’s biggest banking company, still owns a significant 10.98 percent ownership in the major financial services provider, which equates to 178,514,362 ordinary shares.
I&M’s expansion strategy emphasizes its commitment to financial inclusion and accessibility throughout Kenya. By providing a mix of physical and digital banking options, the company hopes to meet consumers’ changing expectations and cement its position as a leading player in the country’s financial sector.
