I&M Bank, a leader in Kenya’s financial sector, has unveiled an innovative loyalty program, I&M Milele Rewards, in collaboration with Mastercard. This enhanced program builds on the success of the bank’s previous loyalty initiative, which rewarded debit and credit cardholders with cashback on Point-Of-Sale (POS) and e-commerce transactions. Milele Rewards, however, takes customer engagement to the next level by offering a flexible, tailored, and rewarding experience for cardholders.
At the program’s core is a commitment to 100% payout conversion, where 1 Milele Point equals 1 Kenya Shilling (KES)—the most competitive rate in the Kenyan banking industry. This article dives deep into the program’s features, benefits, and its potential to redefine loyalty programs within the Kenyan banking landscape.
I&M Bank’s previous cashback-only loyalty program proved effective in driving card usage and building customer loyalty. However, as customer needs evolved, the bank saw an opportunity to innovate and offer rewards with greater flexibility and relevance. Recognizing this, I&M Bank partnered with ICC, a leading global player in customer engagement solutions, to optimize and expand its loyalty offerings.
“Milele Rewards is more than just a loyalty program—it’s a commitment to enriching our customers’ lives with tailored lifestyle benefits,” remarked Gul Khan, I&M Bank CEO, during the launch held at the bank’s Head Office in Nairobi.
I&M Milele Rewards stands out for its customer-centric approach and numerous innovative features:
- Best Conversion Rate in Kenya
I&M Bank is the only financial institution in Kenya offering a 1:1 loyalty point-to-Kenya Shilling conversion rate, allowing customers to maximize the value of their earned rewards. - Higher Earning Potential
Cardholders can earn up to 2% back on their spending, with higher rewards for premium card types and higher spending levels. - Flexible Redemption Options
Milele Points are not confined to specific uses. Customers can:- Book travel with over 1,650 airline and hospitality merchants worldwide.
- Redeem points for vouchers to spend at local partner merchants across Kenya.
- Comprehensive Rewards Ecosystem
With tailored experiences for diverse customer segments, the program caters to both consumers and small businesses, delivering value at every interaction.
The program was developed in collaboration with Mastercard, further strengthening its appeal. Speaking at the launch, Shehryar Ali, Mastercard’s Senior Vice President and Country Manager for East Africa and the Indian Ocean Islands, highlighted the importance of loyalty programs in today’s market:
“Debit and credit card rewards are critical for consumers and small businesses, offering value and financial flexibility. Milele Rewards underscores our commitment to providing customers with impactful payment solutions.”
This partnership underscores I&M Bank’s dedication to delivering more value, choice, and impact to its customers.
The launch of Milele Rewards addresses the shifting preferences of Kenyan consumers, who increasingly value personalized experiences and flexible rewards over traditional cashback programs. Here’s how it benefits them:
- Accessibility and Flexibility
Customers can choose how to use their rewards, whether for travel, shopping, or other lifestyle expenses. This makes the program appealing across various demographics and lifestyles. - Enhanced Financial Flexibility
By offering the highest payout rate in Kenya, Milele Rewards enables customers to stretch their spending power, whether for everyday purchases or big-ticket expenses. - Strengthened Customer Loyalty
By delivering relevant, impactful rewards, I&M Bank is positioned to retain existing customers while attracting new ones. - Seamless Integration Across Borders
The global reach of Milele Rewards through partnerships with 1,650+ merchants worldwide makes it attractive to frequent travelers and business professionals.
The launch of I&M Milele Rewards is a significant achievement for the Kenyan banking industry. Loyalty programs are no longer just an incentive for card usage—they are now strategic tools for deepening customer relationships and driving business growth.
Milele Rewards achieves this by addressing three critical aspects of modern banking:
- Customer-Centric Innovation
I&M Bank has prioritized delivering a program that resonates with its customers’ everyday needs. - Enhanced Engagement
By leveraging technology and global partnerships, the bank ensures an engaging, frictionless rewards experience. - Market Leadership
With the 1:1 payout ratio, I&M Bank sets a benchmark for loyalty programs in Kenya, challenging competitors to offer similar or better rewards.
Loyalty programs have become a key differentiator for banks in Kenya and globally. As financial institutions face increasing competition, retaining customers has become just as important as acquiring them. I&M Bank’s strategy reflects this shift, positioning the Milele Rewards program as both a customer retention tool and a brand-building initiative.
Globally, studies show that 73% of consumers are more likely to stay loyal to brands with robust loyalty programs. In Kenya, the demand for tailored, impactful rewards is growing, fueled by a tech-savvy middle class that values convenience, choice, and value for money.
The success of Milele Rewards could pave the way for further innovation in I&M Bank’s product offerings. With a strong focus on enhancing the customer experience, the bank is well-positioned to lead the way in digital banking solutions, payment innovations, and customer engagement tools.
As the Kenyan banking sector evolves, I&M Bank’s commitment to delivering solutions that meet customers’ needs sets it apart. The launch of Milele Rewards is just the beginning of a broader push to redefine how banks engage with their customers in Kenya and beyond.
