This archive report was first published on 4 November 2019.
On November 4, 2019, I&M Bank was confirmed as the sole regional representative for China's online pay platform provider, Union Pay International (UPI), following a year-long trial period.
The partnership was inked after a successful pilot that saw I&M Bank handle all local and cross-border transactions for UPI cardholders on behalf of local banks.
According to I&M Bank CEO Kihara Maina, the deal aligns with the bank's business model premised on innovation, where they seek to deliver market-driven solutions that meet their customers' requirements.
The deal enables Kenyan export traders to receive payments and pay for imported goods cashlessly on the UPI platform, while also providing an additional revenue stream for I&M Bank as it will earn a commission for facilitating online transactions on behalf of Equity, KCB, and SBM's customers who are UPI cardholders.
UPI's general branch manager for Africa, Zhang Luping, stated that they had grown cardholders in Africa to 200 million in the last nine months.
