I&M Bank opens branch in Homa Bay

The I&M Bank branch in Homa Bay town/Robert Omollo

Homa Bay fisherfolk are expected to increase their economic power following training that the I&M Bank will undertake through on the savings culture.

The Bank wants to address the gaps which make fishermen considered poor despite the blue economy employing many young people in Homa Bay County.

The county has the longest shoreline of Lake Victoria among the five counties that border the lake in Kenya. Homa Bay has more than 140 active and operating beaches, with fishing activities taking the lead.

 The I&M Bank has come up with some strategies to provide financial solutions to players in the sector.

The key players in the blue economy sector have been known as people with a poor saving culture. They have been known as people whose strength is more on expenditure than savings.

“The financial education programme we have introduced for the fisherfolk will ensure they embrace savings as a culture. It will eventually boost their economic power,” Maina said.

An official at I&M Bank serves a client during the official opening of the bank branch in Homa Bay town/Robert Omollo

I&M Bank has a goal-saving product such as Fikisha, which enables customers to save money for particular purposes. Maina said the product is good for fisher folks.

“We are going to engage them on our products, which include Fikisha and others which enable people to save and solve their financial problems. We need to improve our ability to save,” he said.

The partnership will involve providing durable boats to fishermen to enable them to undertake their activities in a manner that can boost their income. I&M will provide other banking and insurance services.

The Bank also targets individuals operating small and medium enterprises alongside players in all sectors of the economy to provide financial solutions.

“Blue economy has taken shape in Homa Bay and has been embraced by the people. We’ll extend the partnership with other corporate organisations to provide fishermen with durable boats,” Maina said.

The bank has come up with a mobile phone application which enables customers to save at the bank using their mobile phones.

Maina said the application will save their customers’ time and money spent on travelling to the bank to meet the bank officials for services. He said their objective is to enhance financial inclusion.

“We are applying the digital-first approach coupled with physical presence in our services. These will enable us to achieve financial inclusion,” the officer added.

The bank branch manager Erick Ndiao said they will be rolling out outreach programmes for financial management training, financial accessibility and saving culture to improve businesses.

“We will not only offer loans and financial products but financial literacy too to empower customers with skills to grow their incomes. Let our people support the bank,” Ndiao said.