I&M Bank recently launched I&M FX DIRECT, a state-of-the-art digital platform designed to offer real-time foreign exchange trading.
While on the surface a product launch, this development is a strategic masterstroke that anchors the bank’s ambitious digital transformation agenda and signals its aggressive push for regional dominance.
For years, corporate forex trading in the region was a high-friction process: physical visits to banks, manual phone calls to dealers, opaque pricing, and delayed settlements. I&M FX DIRECT fixes this traditional model. By digitizing the entire FX value chain, from price discovery to settlement, the bank is not just offering a tool but executing a key pillar of its digital transformation agenda.
This launch, which happened in November, complements the bank’s existing retail success with the I&M On The Go (OTG) app. Where OTG revolutionized personal banking with seamless transfers and payments, FX DIRECT does the same for the complex world of institutional finance. It positions I&M Bank not merely as a lender, but as a sophisticated technology partner for businesses navigating volatile global markets.
“The launch of I&M FX DIRECT marks a significant milestone in our commitment to leading digital transformation of treasury operations,” Kihara Maina, the Regional CEO of I&M Group said during the launch. “We want to encourage the adoption of electronic forex trading over traditional methods by showing the benefits of speed, transparency, and control.”
The platform is built on three core promises: Transparency, Speed, and Autonomy.
- Real-Time Rates: Clients no longer rely on static daily sheets; they see live market movements, allowing for opportunistic trading.
- Straight-Through Processing (STP): The system automates the trade lifecycle, eliminating human error and ensuring instant settlement, a crucial feature for businesses managing tight cash flows.
- 24/7 Accessibility:Businesses can trade currency whenever they need to, even if the bank branch is closed.
Mr. Maina noted that these features are designed to empower clients, not just automate work.
“We are empowering our business clients by giving them direct control over their forex trades,” Maina added. “This platform is backed by the security, reliability, and expert support that our clients need to manage their forex needs in the smartest way possible.”
While launched in Kenya, FX DIRECT is a signal to the broader East African market. I&M Group has a robust presence in Tanzania, Rwanda, Uganda, and Mauritius. As cross-border trade within the East African Community (EAC) intensifies, the demand for unified, digital financial infrastructure grows.
FX DIRECT fits into a regional ecosystem that includes the BRISK transfer service, which already allows near real-time funds movement between I&M subsidiaries.
By deploying world-class FX tech in its anchor market (Kenya), I&M sets a standard that can be replicated across its subsidiaries, eventually offering a seamless “One Bank” experience for multinationals operating across borders. This capability is critical for capturing the growing trade flows between countries like Kenya and Tanzania, where I&M has seen significant profit growth.
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