I&M Bank

success stories

Company Profile

I&M Bank is a Kenyan commercial bank, founded in 1974. It is based in Nairobi and serves the banking needs of large and small business customers. As of September 2019, the bank had assets valued in excess of US$ 2.52 billion, with shareholders’ equity of approximately US$ 424 million.

Prior to AARO product introduction and Aaro Systems-led implementation, I&M Bank used Excel to manually perform group consolidation activities. In 2017, I&M Bank decided to switch to a new system to eliminate the human error risk and automate reporting.

Paul Ngunya is the Statutory Reporting and Consolidation Officer at I&M Bank. As an end-to-end user, he prepares financials and generates reports for various global subsidiaries of the company. I&M Bank determined that AARO was best for their organization for myriad reasons, however Paul Ngunya highlights data tracking and storage as one of the most important features of the AARO product.

As a part of the implementation team, Paul Ngunya was involved in collaborating with consultants from the AARO company on the data loading process. He remarked “when we had challenges with a joint venture, the AARO support team was extremely helpful. In addition, the AARO consultants were important to automating cash flow for our company” he continues.

AARO has helped I&M Bank optimize their entire group consolidation workflow. For example, when monitoring other subsidiary closings, Paul Ngunya is able to see each company’s progress compared to overall group.

Today I&M Bank is leveraging a streamlined group consolidation process that allows them to automate and customize notes on financial statements, maintain and update information in a single AARO database and perform audits more easily and quickly.

Paul Ngunya and his global team are so pleased with AARO and the support of the AARO team that he could not identify any challenges to I&M Bank business and processes.

  • Inefficient data collection from subsidiaries based in different countries.
  • Excel based manual calculations and data management.
  • Need for a less complicated and transparent closing process workflow.
  • AARO visualizations and dashboards provide a general overview of periods.
  • AARO easy-to-use functionality.
  • AARO notes automation and customization in financial statements.
  • More transparent closing process – better global subsidiary overview.
  • Easily performed audits because data is stored in a single AARO database.
  • Seamlessly able to gather data from multiple subsidiaries and consolidate figures.