I&M Bank has taken its customer rewards to a new level with the launch of the Milele Rewards Program, an innovative loyalty program developed in collaboration with Mastercard after getting customers feedback on how they can be valued more.
This new offering builds on the success of the bank’s previous loyalty program, which for three years rewarded cardholders with cashback for using their debit and credit cards at Point-of-Sale (POS) terminals and in e-commerce transactions.
The name Milele, Swahili for “everlasting,” reflects I&M Bank’s commitment to nurturing long-term relationships with its customers. With the new program, the bank offers a unique value proposition: a 100% conversion rate of loyalty points into Kenya Shillings (1 Milele Point = 1 KES). Therefore, cardholders are set to now earn up to 2% cashback on their spending, with rewards increasing for higher-tier cards and spending levels.
A New Chapter in Customer Loyalty
Recognizing an opportunity to do more, I&M Bank partnered with ICC, a global leader in customer engagement solutions, to design a program that caters to diverse customer needs.
Unlike its previous cashback-only approach, Milele Rewards offers greater flexibility as it enables customers to redeem points for flights with over 1,650 airlines, hotel stays at thousands of properties worldwide, or vouchers usable at local partner merchants.
“At I&M Bank, we strive to enrich the lives of Kenyans with solutions that resonate with their everyday needs,” said Gul Khan, the bank’s CEO, at the launch in Nairobi. Additionally emphasizes that this program is more than just a loyalty initiative; it is our way of rewarding our customers for their trust and loyalty while delivering a lifestyle experience that truly adds value.
I&M Bank Kenya CEO Gul Khan(R) and Shehryar Ali(L) Mastercard, Senior Vice President and County Manager for East Africa and Indian Ocean Islands pose for a photo after the formal launch of the Milele Rewards held at one park avenue I&M, Nairobi County.
A move that places I&M Bank ahead of the rest in its space with consideration of customer feedback and continued transformation of their experiences as they are empowered more and assured of the value for their money.
Shehryar Ali, Senior Vice President and Country Manager for East Africa at Mastercard highlighted the importance of loyalty programs in today’s market. “Consumers and small businesses need flexible solutions that offer value. Through Milele Rewards, I&M cardholders enjoy unmatched benefits, making every transaction more rewarding,” he said.
Mr. Ali also revealed that this move places Kenya on the global map as similar rewards programs are being adopted in the Gulf and UAE regions which makes it timely and very significant. Pointing out that the Milele Rewards is 8 times higher than any other redeeming platform in the country.
Transparency and Value for Every Transaction
Based on the research by the I&M Bank, Kenyan consumers increasingly value transparency in their interactions with financial institutions, Milele Rewards addresses this by automatically enrolling cardholders into the program and rewarding every transaction with redeemable points.
Further allowing the customer to select how they can redeem their points be it in booking flights, reserving hotel suites, or claiming cashback, customers receive tangible benefits with each card swipe.
For I&M Bank, which boasts a legacy of over 50 years in Kenya, the launch of Milele Rewards represents a milestone as it reinvents itself continuedly in the constantly evolving space. This move further solidifies its position as a leader in customer-centric banking and reflects its dedication to creating meaningful relationships with its clients.
As Stephanie Kome from I&M Bank aptly put it, “With every transaction, our customers gain value and that’s the essence of Milele Rewards to reward loyalty and enhance experiences in ways that truly matter.”
By collaborating with Mastercard and listening to its customers, I&M Bank has introduced a loyalty program that will not only meet customer expectations but also set new standards for banking rewards in Kenya and beyond.