I&M Bank, founded by Kenyan tycoon Suresh Bhagwanji Shah, to open nine new branches

Key Points

• The bank is expanding into key economic zones, aiming to reach 100 branches by 2025 as part of its iMara 3.0 strategy.
• New branches in agribusiness and trade hubs, including Meru and Bungoma, will strengthen I&M’s presence in Coastal, Central, and Western Kenya.
• I&M is introducing modular container branches and waiving fees on mobile money transactions to enhance accessibility and minimize environmental impact.

I&M Bank Kenya, the banking subsidiary of financial services conglomerate I&M Group, founded by Kenyan businessman Suresh Bhagwanji, is accelerating its expansion drive with plans to open nine new branches across key economic zones. The move underscores its ambition to deepen market penetration while strengthening its nationwide presence.

This latest expansion aligns with I&M’s iMara 3.0 strategy, which prioritizes enhanced accessibility for Micro, Small, and Medium Enterprises (MSMEs) and retail customers. By the end of next year, I&M Bank aims to reach 100 branches, further cementing its status as one of Kenya’s top-tier financial institutions.

Expanding footprint to capture growth markets

The bank has already inaugurated new branches in Mtwapa, Kawangware, and ABC Mall in Nairobi, with six additional locations set to open in Kenol, Meru, Embu, Bungoma, Kakamega, and Kericho—strategic hubs for agribusiness, trade, and commercial activity.

According to Stanley Gachoki, I&M’s head of distribution and premium banking, the expansion reinforces the bank’s footprint in high-growth regions, particularly Coastal, Central, and Western Kenya, to better serve entrepreneurs and businesses engaged in cross-border trade: “This expansion reflects our commitment to supporting Kenya’s thriving business environment by providing seamless banking solutions to entrepreneurs and individuals,” He stated.

As part of its sustainability agenda, I&M is integrating four modular container branches, repurposed from end-of-life shipping containers, to minimize environmental impact while maintaining high banking standards. Additionally, the lender has permanently waived fees on transactions from I&M accounts to mobile money wallets such as M-Pesa and Airtel Money, further enhancing its retail banking appeal.

Suresh Bhagwanji Shah’s lasting banking legacy

Founded by Suresh Bhagwanji Shah in 1974, I&M Group has grown into a major banking force in East Africa, operating in Kenya, Tanzania, and Rwanda, with a joint venture in Mauritius. The bank is expanding further into key economic hubs, using innovation to strengthen its position and reshape Kenya’s financial sector.

Shah, who played a key role in shaping I&M into a top-performing financial group, holds a 10.98 percent stake in the lender—equivalent to 178.5 million shares. Outside banking, he has built additional wealth through MTZ Holdings, a majority-owned entity that supports I&M’s expansion and efforts to improve financial access across the region.