I & M Bank said the aim is to help small businesses and promote financial inclusion.

I&M, a pan-African banking group, is now offering free bank to M-Pesa and Airtel Money transfers to solo entrepreneurs in Kenya.

The East African-based bank extended free mobile money transfers to single proprietors this week, building on its previous offer to personal account holders.

I&M said the aim is to help small businesses and promote financial inclusion.

The I&M Group headquarters are located in Nairobi, Kenya, and the bank has subsidiaries in Mauritius, Rwanda, Tanzania and Uganda.

In recent years, mobile money services on the continent have become increasingly integrated into the financial services sector, helping to reach the unbanked and simplify transactions.

Shameer Patel, head of personal and business banking, I&M, said: “In addition to the free bank to M-PESA and Airtel Money transfers, individual customers will have access to unsecured personal loans, a newly launched 30 day loan and up to 12% p.a. interest on savings via the I&M Savers Account.”

I&M Bank CEO Gul Khan said the move had resulted from customer feedback.

He said: "We listened to our customers on the high cost of living and their pain with paying fees for bank to mobile wallet transfers and decided to make it free. We have now decided to significantly increase our support for solo business owners and extend the same proposition to them."