I&M Group, a leading financial services conglomerate founded by Kenyan businessman Suresh Bhagwanji Shah, has extended its strategic partnership with Mastercard for an additional eight years. The collaboration, which has been instrumental in driving Kenya’s digital payments landscape, will provide enhanced value propositions for cardholders across the country.
Since the partnership’s inception, I&M Bank and Mastercard have jointly delivered innovative financial solutions to Kenyan consumers and businesses. The extended partnership signifies a continued commitment to leveraging Mastercard’s advanced technology and I&M Bank’s extensive network to deliver seamless and secure payment experiences.
I&M and Mastercard extend partnership to drive Kenyan digital payments
Mark Elliott, President of Mastercard Africa, expressed delight in extending the collaboration, emphasizing the significant strides made in advancing digital payments and financial inclusion within Kenya. The partnership aims to empower customers with secure and convenient payment solutions, unlocking new potentials for economic growth.
Gul Khan, CEO of I&M Bank, echoed Elliott’s enthusiasm, highlighting the alignment with the bank’s 50th-anniversary celebrations. “Expanding our collaboration with Mastercard is a pivotal step towards providing our customers with tailored digital solutions that meet their evolving needs,” Khan said.
Shah’s vision drives I&M’s expansion beyond borders
I&M Group, established in 1974 by Suresh Bhagwanji Shah, serves as the non-operating holding company for I&M Bank Limited. The financial services group boasts active operations in Kenya, Tanzania, and Rwanda, along with a joint venture in Mauritius.
Shah, credited with transforming I&M into one of East Africa’s leading banking groups, maintains a beneficial 10.98-percent stake in the top-performing financial services provider, equivalent to 178,514,362 ordinary shares. Shah also holds a majority stake in MTZ Holdings, the recent acquirer of Nairobi Business Park, a prime office complex in Nairobi.
The group recently expanded its physical footprint by launching eight new branches across the country, bringing the total I&M Group branch network to 93 in the region.
