I&M Bank, a leader in banking technology, has become the first bank in Kenya and East Africa to launch E-Commerce online payment service.

I&M Bank has been awarded an e-commerce Acquiring license from Visa International, thus becoming the first bank in this region to qualify to offer this service. Its payment service rides on an Internet payment portal from iVeri Payment Technologies , a leading provider of multi-channel e-payment solutions. This payment technology is aimed at offering Kenyan online retailers and e-commerce merchants a cost effective ePayment service to accept Visa card payments on-line for sale of their products and services through their website.

Newspaper clipping showing I&M Bank Executive Director Sarit Shah (left) and the CEO of iVeri Payments Technologies going through the website during the launch of the banks e-commerce platform launch January 20, 2010 at the Norfolk Fairmont Hotel.

Speaking to journalists during the official unveiling at a Nairobi hotel, I&M Bank Chief Executive Officer, Arun Mathur, noted that I&M Bank has long demonstrated its commitment to customer care and service excellence, adding that the bank has a reputation for harnessing technology to improve its services to customers as well as to contribute to its bottom line.

“We congratulate I&M Bank Limited for being the first to make e-commerce available in Kenya and East Africa. We believe this initiative will greatly contribute to modernising payments and will bring economic benefits to Kenya through improved local and international commerce,” said Victor Ndlovu, Visa’s Country Manager for Kenya.

“iVeri is delighted to be the E-Commerce technology partner for I & M Bank, Kenya,” said Barry Coetzee, Chief Executive Officer of iVeri. “With iVeri’s Payment Gateway I&M Bank can address the processing needs for its e-payment operation on a certified PCI DSS™ platform (an international data protection standard mandated for Visa transactions) that delivers a secure, reliable and scalable transaction infrastructure.”

Mr Sarit Shah, Executive Director of I&M Bank, further adds: “In line with the vision 2030 of transforming national development, E-Commerce will empower more Kenyans and especially the youth by creating job opportunities, promoting cross border trade and increasing our country’s foreign exchange reserves. I&M Bank is therefore delighted to take the lead in providing Kenya with the ability to join the world of E-Commerce. This marks a significant move ahead in providing modern and convenient services to our customers.”