When I&M Bank launched the Shinda Millioni campaign in August this year, the goal was clear: to promote financial discipline while showing appreciation to loyal customers.
What began as a rewards-driven initiative has quickly evolved into a powerful platform for financial inclusion, encouraging Kenyans from all walks of life to embrace formal banking and responsible financial habits.
The three-month campaign ending on Wednesday, November 12, gives customers a chance to earn entries by performing normal banking activities such as opening accounts, transacting via the I&M App, or using I&M debit and credit cards. This positions the lender as a partner in customers’ financial journeys, rather than merely a provider of transactional services.
From each action, a customer stands a chance to become a millionaire, with weekly, monthly, and grand draws offering cash prizes worth millions of shillings.
For instance, for every Sh2,000 average cleared balance maintained in a customer’s account, they will earn one entry point into the weekly and monthly draws. The more customers bank, the greater their chances of becoming millionaires.
The campaign is shining a light on how behavioral incentives can deepen financial inclusion by getting more individuals to open accounts, use formal banking channels, and build financial resilience.
Promoting savings culture
To qualify for prizes, customers must maintain a minimum average balance of Sh2,000 over the draw period. This approach encourages customers to save more and shift from irregular to regular account usage.
Additionally, the Sh2,000 minimum balance is relatively low and makes the offer accessible to many low-income earners.
“We want to directly reward good savings culture while encouraging both our existing and new customers to grow their deposits. This initiative is a core part of our strategy to build and cement the I&M brand as a trusted financial partner in the market, ensuring the process is transparent, fair, and ultimately beneficial for our customers.” Mr. Gul Khan, Chief Executive Officer, I&M Bank Kenya, stated.
I&M Shinda Millioni campaign nears end; how to participate and win millions
Encouraging the Use of Formal Banking Channels
The campaign incentivizes customers to open and actively use I&M accounts for everyday financial transactions, such as deposits, savings, and digital payments. Through the campaign, I&M is inviting the underbanked individuals to engage with formal financial institutions.
Enhancing Financial Literacy
In addition to its rewards component, the campaign integrates educational messaging around financial planning, saving, and responsible borrowing, empowering customers to make informed decisions about their money.
Supporting Small Businesses and Entrepreneurs
Shinda Millioni encourages small business owners to use I&M business banking solutions which provide further benefits such as access to credit, empowering them to fully participate in the economy.
Dorcas Wanga a poultry farmer in Mumias made history by winning Sh1 million within weeks of opening a Solo Biz account at I&M’s Kakamega branch. With only Sh50 deposit, Wanga became the initiative’s first millionaire winner. She plans to use the money to expand her poultry business.
“I see myself as a large farmer and a large land owner in the next five years. I advise all small business owners to deposit more and win more,” she said.
Promoting Digital Banking Adoption
Shinda Millioni is bridging the gap between traditional banking and digital finance. The initiative’s focus is on the use of the bank’s digital banking platforms, particularly the I&M Bank mobile app and online banking services. This is crucial in a market where mobile penetration is high, but digital banking literacy is still growing.
