Kihara Maina, I&M Group PLC Regional CEO. Photo/I&M/X
I&M Bank has launched I&M FX Direct, a cutting-edge digital platform that allows business clients in Kenya to trade foreign currency directly and in real time. The platform gives customers instant access to live forex rates, eliminating delays caused by traditional manual trading and phone confirmations.
The new service positions I&M Bank at the forefront of Kenya’s digital banking transformation, targeting corporates and mid-sized enterprises that trade at least Sh6.45 million (USD 50,000) per month.
Empowering Businesses with Direct Control
According to the bank, I&M FX Direct will allow clients to buy and sell foreign currency at their convenience, view streaming exchange rates, execute spot and forward deals, and manage their forex positions with full visibility and transparency.
“We are empowering our business clients by giving them direct control over their forex trades,” said Kihara Maina, CEO of I&M Bank Kenya. “This platform is about speed, efficiency, and giving customers the freedom to transact on their own terms without waiting for manual confirmations.”
ALSO READ: Trading Made Easy: Safaricom Pilots Ziidi Trader App
The platform is web-based, meaning users can access it without installing any additional software. It features a clean dashboard for monitoring live market data and uses Straight-Through Processing (STP) to ensure trades are settled instantly.
A Step Forward in Digital Banking
Henry Kirimania, the bank’s Head of Treasury, said the solution will modernize how businesses handle treasury operations.
“For a long time, forex trades in Kenya have been done manually, which increases the risk of delays and miscommunication. With I&M FX Direct, clients can now trade with confidence knowing they are accessing real-time market prices directly from the source.”
He added that the system is part of I&M’s broader plan to digitize core banking functions and provide data-driven financial tools that help clients manage liquidity more effectively.
How the I&M FX Direct Works
I&M FX Direct integrates directly with the bank’s core systems to automate forex transactions. Once logged in, clients can:
- View and lock in real-time currency rates
- Execute spot or forward trades
- Set automated orders when specific rate targets are reached
- Access transaction history and audit trails for transparency
- Enjoy instant trade confirmation through STP technology
This automation removes the need for manual intervention by bank staff, reducing the time between quotation and deal execution from several minutes to a few seconds.
Why It Matters for Kenyan Businesses
Kenya’s importers, exporters, and companies with international transactions often deal with frequent currency fluctuations that impact profitability. I&M FX Direct provides a secure and efficient way to manage those exposures.
By offering direct access to forex markets, the platform helps finance teams make faster decisions and respond to rate movements immediately. This gives companies a competitive advantage in a global market that increasingly rewards speed and precision.
The platform also supports I&M Bank’s goal of driving digital adoption among SMEs and corporates, a move aligned with Kenya’s growing preference for online financial services.
Balancing Opportunity and Access
The platform currently targets clients trading above Sh6.45 million ($50,000) per month. The shift toward real-time digital forex trading reflects a broader industry trend that is reshaping how banks and clients interact.
However, businesses will need adequate digital literacy and risk management training to fully leverage such tools. Despite these challenges, I&M FX Direct sets a new benchmark for forex innovation in Kenya’s banking sector.
What’s Next for I&M Bank
I&M Bank has been on an aggressive digital transformation journey, including earlier partnerships with Mastercard and other technology providers to expand its online service offering. With I&M FX Direct, the bank is signaling its intention to dominate the corporate digital banking space.
“Our focus is on building platforms that simplify complex financial processes,” said Maina. “We want our clients to experience the same convenience in treasury management that they already enjoy in payments and retail banking.”
