Nairobi, April 8 -- I&M Bank Kenya doubled growth in personal accounts last year by waiving bank-to-mobile-money transaction fees.

In new disclosures, the bank says it added 68,666 accounts in 2023 compared to the 33,359 accounts added in 2022.

The bank now has 326,054 personal accounts as of the end of December 2023 compared to 257,388 previously.

According to the lender, while the waiver presents forgone fees on one hand, the growth in customer numbers has enabled it to expand other business lines, including loan disbursements.

"We have seen an exponential growth in the number of customer accounts. Before this, we had opened about 20,000 new personal accounts, just by doing this (implementing the waiver), we ended up opening nearly ...