It is not every day that a bank pays you to deposit money into your account. In most cases, customer appreciation from banks comes in the form of the occasional branded T-shirt during a roadshow, a smile during Customer Service Week, or perhaps a sweet treat at the counter.
While these gestures are pleasant, they rarely move the needle in terms of building true financial loyalty or deepening a savings culture. But now, I&M Bank has taken a bold step to change this narrative by launching a reward program that not only acknowledges customer deposits but also directly rewards them for their commitment to saving.
I&M Bank is doing it simply: rewarding positive financial behavior. For every 2,000 shillings in a customer’s average daily balance in a transaction account, the bank awards one point. These points then qualify customers for a weekly draw, where ten winners each walk away with 50,000 shillings, and 3 customers with 1,000,000 shillings. Unlike traditional promotions that are one-off events, I&M Bank has embedded this as a recurring incentive system, making it part of the day-to-day banking experience.
From an expert perspective, this move has several implications worth unpacking. First, it is an effective nudge towards financial discipline. Too often, transaction accounts are treated as purely operational, a place where money lands, only to be withdrawn almost immediately. With this, I&M is subtly encouraging people to resist the urge to deplete their accounts and instead develop the habit of holding funds, even if only for a short period.
Second, this program reinforces the culture of saving in an economy where formal saving remains a challenge. Kenya has made strides with mobile money wallets, Saccos, and investment groups, but formal bank accounts still struggle to remain the preferred choice for everyday savings. I&M Bank is bridging the gap between traditional banking and behavioral economics, showing customers that saving pays, quite literally.
Third, and perhaps most importantly, this initiative advances financial inclusion. Democratizing rewards and opening the door to regular account holders creates an accessible opportunity for everyday customers, not just high-value clients. This is significant because inclusion thrives when the smallest depositors feel recognized and valued just as much as corporate clients.
If your bank is not appreciating you banking with them, perhaps it is time you considered moving your account to…. You know better, and join the Shinda Milioni bandwagon.
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