I&M to close 41 branches for planned systems upgrade

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I&M Bank HQ

Lender I&M Bank is set to close all forty one of its local branches for two days effective tomorrow as it gears towards upgrading its banking systems.

The planned updates will start on Wednesday and carry on to Thursday with normal services at the bank resuming on Friday May 3, 2019.

Other services offered by the lender that will be affected by the scheduled upgrade include the issuance of checkbooks and cheque deposits.

 “All our branches will be closed on May 2, 2019. Our 24 hour banking channels (ATMs, Internet Banking, Mobile Banking, Debit/Credit/Prepaid cars) will also experience intermittent interruptions during this period,”  I&M Bank said in a notice to its customers.

The lender similarly advised clients to undertake any transactions before the planned improvements to its systems commence on Labour Day to avoid any inconveniences.

“Considering that May 1, 2019 is a public holiday, we would urge you to plan and complete all essential banking transactions before this system change over period.”

According to a news report by the Star Newspaper, as per the year that ended December 31, 2018, I&M Bank recorded a 15.9 per cent growth in net profit. The Nairobi Securities Exchange listed lender recorded a net profit of Ksh.6.63 billion for the year under review compared to Ksh5.72 billion in 2017. The improvement in returns has seen the lender offer its customers a bonus dividend for the first time since the bank was established in 1974.

The bonus dividends, which will go for Ksh. 1 per share, will add on to the proposed dividend per share of Ksh.3.90 declared by the bank when it released its results for the year ended December 31, 2018, in March.

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