I & M Bank To Recompense Customers For Failed RTGS Transactions

Investments and Mortgages ltd (I&M) Bank will have to recompense customers up to Sh1,250 for failed transactions made through the Real Time Gross Settlement (RTGS) that seeks to conclude payments within two hours.

The move is aimed at providing a service guarantee for customers initiating payments via the bank’s mobile and web platforms.

For an international payment that fails, the bank will pay a client Sh1,250. A local payment that is not concluded will see a customer receive compensation of Sh500.

“This initiative will drive ownership and accountability to ensure that the bank’s processes are efficient enough resulting in customer instructions being processed within the agreed timelines,” said I&M Bank in a statement.

“Enhancing service recovery procedures will reduce customer dissatisfaction and consequently service delays/ failures thus improving customer satisfaction and loyalty with the bank.”