How to Buy Crypto with I&M Bank in Kenya

Last updated on November 12, 2023

Quick Summary: While I&M Bank does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of Kenya cryptocurrency exchanges to pick from, but we suggest using the Coinbase exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

I&M Bank Homepage

As mentioned in my quick summary, like most Kenya banks, I&M Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency trading platform and comes with regulations and extra work for the banks.

There are a large number of cryptocurrency exchanges that you can use to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using Coinbase as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with I&M Bank

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency exchange

As mentioned above, I’ll be using Coinbase for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With Coinbase

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For Coinbase there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with I&M Bank.

Buy Crypto With Coinbase

About I&M Bank

I&M Bank Kenya Limited, is a commercial bank located in Kenya which is the most populous economy of the East African Community. It is authorized through Kenya’s Central Bank of Kenya, the central bank as well as the national regulator of banks.

As of September the total assets of the bank were worth more than US$2.52 billion (KES 261 billion) The shareholders’ equity of around 424 million dollars (KES 44 Billion). In September of 2019 the bank was ranked eighth in total assets, of forty licensed institutions across the United States at that time.

I&M Bank caters to the financial needs of small and large-sized clients in the business sector, with an emphasis on medium and large-sized companies and also individuals with focus on high-end customers. I&M was also upgraded to Tier I following the acquisition by Giro Bank.

The bank’s history dates back through 1974, in the year 1974, when Investments & Mortgages Limited was founded as a private business offering a bespoke financial service to business owners in the Nairobi region. In the year 1980, I&M, as the company was known at the at the time, was officially recognized as an Financial Institution under the Banking Act. After changes to the rules that were imposed by the Central Bank of Kenya, the regulator of Kenya’s banking in Kenya, I&M became a commercial bank in the year 1996.

In September of 2015, I&M Holdings began the process of buying Giro Commercial Bank and the amalgamation of its operations with I&M Bank Limited. The procedure was subject to regulatory approval to be completed, was completed in February 2017 when Giro Commercial Bank surrendering its banking license and joining the ranks of I&M Bank Kenya.