ICT guru George Njoroge has called for an immediate probe and possible ban of I&M Bank Kenya, accusing the lender of alleged fraud, extortion and discrimination against a Kenyan customer.
In a strongly worded statement shared on X, Njoroge demanded that regulators move in decisively to investigate the bank over claims that it illegally froze a customer’s account holding millions of shillings and only unlocked it after an alleged demand for a 30 per cent kickback.
Njoroge is now urging the Central Bank of Kenya to freeze I&M Bank’s operations, conduct a full investigation under prudential guidelines and publicly release a detailed report, warning that the matter raises serious concerns about customer safety within the banking sector.
The ICT expert’s remarks stem from allegations made by city businessman Paul Ouma Neko, who recently went public with his experience at the bank.
A photogrid of businessman Ouma Neko and I&M Bank entrance.
According to Neko, he has banked with I&M for several years and, in 2025 alone, transacted between KSh7 million and KSh13 million through his business account.
Neko stated that he withdrew KSh2 million from his account, which he described as legitimate business proceeds.
However, a week later, when he returned to the bank, he was allegedly subjected to unexplained delays before being informed that his account had been frozen with close to KSh5 million still inside.
He said the freeze came without prior notice, during the December festive season, leaving him unable to access funds needed for business operations and upcoming school fees.
According to Neko, bank officials demanded repeated “source of funds” explanations, which he provided, including verification from the origin of the money.
Despite this, he claims he was taken “in circles” for days as his account remained inaccessible.
The situation allegedly worsened after he involved a lawyer. Neko claims that on December 15, he received a call from a stranger who requested a private meeting, during which he was allegedly told that his account could be “helped” on condition that he surrendered 30 per cent of the frozen balance.
“Thirty per cent of my own hard-earned money,” Neko said, adding that shortly after the meeting, he was moved from office to office at the bank before his account was eventually reopened.
Reacting to the claims, Njoroge criticised I&M Bank’s public response, describing it as evasive and insufficient.
“For days, I’ve been keen on I&M Bank’s response. Instead of clarity, we got silence and a limp statement that dodged the core issues,” Njoroge wrote, adding that such silence “reeks of guilt”.
He further accused the bank of applying double standards, arguing that customers face harsh penalties for minor defaults while alleged internal wrongdoing is brushed aside.