I&M Bank Kenya Bank To M-Pesa Withdrawal Charges For 2023: Zero Fees!

As a modern-day user of financial services, you're keen to understand all the nuances of transactions, especially regarding charges. What if we told you that transferring money from Mpesa to I&M Bank is entirely free of charge? That's right. Let's delve deeper into the details and explore the dynamic world of Mpesa to I&M Bank transactions.

I&M Bank, founded in 1974, is a renowned commercial bank in Kenya with a growing footprint across Mauritius, Tanzania, Rwanda, and Uganda. Born as a community financial institution, it has evolved into a widely recognized regional commercial bank offering various financial services, including Corporate, Business, Premium Client, and Personal banking solutions.

The bank is a subsidiary of I&M Group PLC, publicly listed on the Nairobi Securities Exchange. British International Investment (BII), formerly CDC Group plc, holds approximately 10.68% ownership in I&M Group PLC.

Charges Involved in Mpesa and I&M Bank Transactions

From I&M Bank to Mpesa

Compared to most other Kenyan banks, I&M Bank goes against the grain by not charging any fees for Mpesa to I&M Bank transfers. Customers can move funds from Mpesa to their accounts without being concerned about transactional charges. Isn't that refreshing?

From Mpesa to I&M Bank

Mpesa offers a seamless transfer of funds between your bank and M-PESA account. To use the service, you must register for M-PESA at any agent outlet in the country and sign up for Mobile banking with your bank. Understanding the charges involved is vital to avoid surprises and better plan your finances.

How to Transfer Money from Mpesa to I&M Bank Account

How do I transfer money from Mpesa to your I & M Bank account? Here's a step-by-step guide:

• Open the Mpesa menu on your phone.
• Navigate to "Lipa na M-PESA" and select the "PayBill" option.
• Enter the I&M bank business number (542542).
• Type in your bank account number.
• Enter the amount to transfer.
• Enter your M-PESA PIN.
• Await an SMS confirmation on your phone.
• Voila! It's as simple as that.

READ ALSO:  How to Transfer Money from M-Pesa to a Co-operative Bank Account

Conclusion

I&M Bank's journey, from its humble beginnings to becoming a leading regional commercial bank, is truly inspiring. Its strategic move of offering zero fees on Bank to Mpesa transactions via its digital banking platform, 'I&M On The Go (OTG),' is a testament to its commitment to customer satisfaction and digital innovation. By staying updated with Mpesa to I&M Bank charges and their transactions, you can enjoy a seamless, cost-effective banking experience.

 FAQs

Q1: What are the charges for transferring money from Mpesa to I&M Bank?

Transferring money from Mpesa to I&M Bank is free of charge.

Q2: How do I transfer money from Mpesa to my I&M Bank account?

You can transfer money by navigating to the 'Lipa na M-PESA' section, selecting the 'PayBill' option, and following the instructions.

Q3: Which institution owns I&M Bank?

I&M Bank is a subsidiary of I&M Group PLC, listed on the Nairobi Securities Exchange.

Q4: What is I&M Bank's digital banking platform called?

I&M Bank's digital banking platform is called 'I&M On The Go (OTG).'

Q5: Does I&M Bank charge for transactions to Airtel Money?

No, I&M Bank does not charge fees for transactions to Airtel Money through their 'I&M On The Go (OTG)' platform.