I&M Bank Kenya has launched a high-impact savings incentive programme aimed at bolstering financial discipline among Kenyans, particularly students, small-business owners and first-time savers. The campaign, dubbed “Shinda Millioni”, runs from 12 August to 12 November 2025 and incentivises customers with weekly and monthly cash prizes to encourage regular savings habits.
For every KSh 2,000 average cleared balance maintained, customers earn one entry point into weekly draws that will award 10 winners KSh 50,000 each, and three monthly grand prize winners of KSh 1 million each.
This initiative targets the significant portion of Kenya’s population that is unbanked or underbanked. With a low entry threshold of KSh 2,000, the programme is accessible to a broad demographic fostering savings culture and encouraging more Kenyans to embrace formal banking tools and habits.
I&M Bank’s “Shinda Millioni” campaign is designed to align behavioural economics with financial inclusion, promoting healthy savings habits by attaching attainable financial rewards to consistent account balances. According to I&M Bank Kenya’s website, winners will be contacted via SMS or a phone call from +254 719 088 000, and their cash prizes will be credited directly into their I&M Bank accounts.
Crucially, the campaign employs existing digital infrastructure such as the I&M Bank App, which offers seamless services like online account opening, unsecured personal loans, M-Pesa integration, and instant card lock/unlock. These digital tools support the broader objective of reinforcing a cash-flow-conscious culture, tailored to the needs of everyday users.
Kenya’s economy thrives on small and micro enterprises, school fees and consumer purchases. Encouraging savings, especially among new and budget-conscious account holders, helps build a resilient, stable financial foundation. I&M Bank’s inclusion of low-balance savers makes this programme particularly impactful.
Beyond its immediate financial rewards, the campaign reflects a strategic push to deepen formal banking adoption. By offering free bank-to-M-Pesa transfers and user-friendly app access, I&M Bank lowers barriers to entry for the digital economy, supporting financial inclusion efforts.
Savings can play a vital role in development. A growing body of research shows that building assets, particularly through savings, has wide-ranging social and economic benefits for individuals and households, especially those with low incomes.
Recent evidence from developing countries highlights strong links between youth-owned savings accounts and positive changes in income, asset accumulation, attitudes, and behaviours, particularly among low-income and socially disadvantaged young people.
The United Nations Capital Development Fund (UNCDF) reports that youth savings account penetration in Africa remains low compared with other regions, at just 12% in Africa compared with 50% in East Asia and the Pacific. Young people are also 33% less likely than adults to own a savings account and 44% less likely to save through a formal financial institution.
There are various reasons why people save, and this is primarily for day-to-day expenses, emergencies, and education. Savings also play a critical role in businesses as a source of start-up capital and for day-to-day operations.
According to FinAccess, the rate of saving in Kenya has been growing over the years. Most savings are formal and driven by saving in mobile money wallets. Although the gap is not significant, men are saving more than women. In 2021, 75% of men were saving, compared to 73% of women.
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