I&M Bank Partners with Strathmore University for Real-Time fees Payment Solution
(Nairobi, 4th December, 2017) I&M Bank and Strathmore University have entered into a partnership where the Bank will provide an integrated end to end fees payment solution for the University known as I&M Business Connect.
The solution is a cost effective and convenient way to make payments for school fees, dues and subscriptions to the institution on a real-time basis.
I&M Business Connect integrates the Bank’s system with Strathmore University’s accounting system to enable the university to receive real time update of payments made through I&M Bank Branches and Channels.
Fees payments will be done through various I&M Bank channels such as the I&M Bank branches country wide, the I&M Mobile Banking App, Electronic Funds Transfer(EFT), Real Time Gross Settlement (RTGS), Mpesa and the I&M Karibu Agents.
I&M Bank has continued to invest heavily in robust Information Technology and business automation to facilitate efficient and innovative service delivery to our customers.
Commenting on the partnership, Kihara Maina, I&M Bank Kenya CEO noted, “We are proud to partner with Strathmore University to provide their clients with this seamless payment solution, I&M Business Connect. Evolving trends in consumer and business payments have resulted in development of integrated end to end payment solutions.”
“Technology advancement in the banking sector has continued to grow tremendously and I&M Bank having embraced innovation as a key pillar of its service offering, continues to develop banking solutions that enhance our customers’ banking experience,” he added
I&M Business Connect for Strathmore University will now enable the university get real time update of fees payment status, there will be no manual or delayed upload to the University’s management system therefore mitigating risks of systems’ down time, and there will be enhanced ease of financial reconciliation.
Commenting on the partnership, Vincent Ndoloka, Executive Finance Director, Strathmore University reiterated, "We are pleased to partner with I&M Bank for I&M Business Connect, as this solution will help improve the payments process, with payments being updated on the Strathmore’s Payments Collections portal in real-time, thereby easing reconciliation of our accounts."
I&M Bank has continually grown in tandem with its customers’ dynamic financial needs and will continue to roll out more innovations in the coming months with an objective of enhancing the Bank’s service delivery standards to its clients. Being a key player in the Corporate Banking space, I&M Bank is set to roll out I&M Business Connect for other Institutions and Corporates in the near future.
Notes to the Editor
About I&M Bank Ltd
I&M Bank is a leading commercial bank headquartered in Kenya, with a growing regional presence currently extending to Mauritius, Tanzania and Rwanda. Since its inception in 1974, the Bank has evolved from a community financial institution to a publicly listed Kenyan-based regional commercial bank offering a full range of Corporate, Business, Premium Client and Personal banking services.
I&M Bank is wholly owned by I&M Holdings Limited which is listed on the Nairobi Stock Exchange. CDC Group PLC owns approximately 10.68% of I&M Holdings. I&M prides itself on its strong values and key strengths of innovative service and strong customer relationships and through these pillars, I&M Bank aspires to be the banking powerhouse in East Africa for middle to large and premium clients through provision of innovative and market driven banking solutions for its target segments.
For more information visit www.imbank.com.