I&M Bank launches local e-commerce services in Kenya
I&M Bank has launched local e-commerce services in Kenya today. I&M Bank is the first bank in Kenya to offer local e-commerce services that would enable merchants to sell their goods online in Kenya and beyond. I&M Bank’s e-commerce offering is being offered through strategic partnerships with VISA International and payment gateway service provider Iveri of South Africa. These key partnerships mean that I&M Bank’s e-commerce service is not only world-class, it also means that credit card and debit card payments can be made online from any part of the world.
Prior to I&M Bank’s e-commerce service, merchants in Kenya who wanted to sell online needed to set-up subsidiary companies outside Kenya where they could then register for merchant bank accounts and payment processing services in other countries such as the UK or the US. This meant that payments would need to be processed via international services before being remitted to Kenya, leading to higher costs and lower margins.
Now, through I&M Bank, merchants in Kenya will have payments processed online via Iveri in South Africa and then acquired by I&M Bank which will not only be faster, but also more cost-effective. It is expected that more Banks such as Kenya Commercial Bank (KCB) will also start offering e-commerce services in Kenya soon since they advertised for online payment processing services last year (also as reported in this blog).