A shocking story shared by a Kenyan businessman has sparked serious debate about trust, power, and accountability in the banking system. Paul, a long-time customer of I&M Bank Kenya, says his account was suddenly frozen without warning, locking away nearly five million shillings during one of the most difficult times of the year.
Paul says he had banked with I&M Bank for years and regularly moved large sums through his account. In 2025 alone, he estimates that between seven and thirteen million shillings passed through his account, all from legitimate business activities.
The problem began after Paul withdrew two million shillings from his account. He says the money was clean, legal, and earned through his business. There was nothing unusual about the transaction, and he had made similar withdrawals before without any issues.
A week later, Paul walked into his usual branch expecting normal service. Instead, he says he was sent back and forth between tellers and managers, with no clear answers. Eventually, he was informed that his account had been frozen.
Without any prior notice, close to five million shillings in Paul’s account became completely inaccessible. This happened in December, during the festive season, with school fees due in January and business expenses piling up. Suddenly, Paul had zero access to his own money.
According to Paul, the bank demanded explanations about the “source of funds.” He says he fully cooperated. He provided documents, explained his business, and even allowed the bank to contact the source of the money directly.
Despite all this, Paul says the situation did not improve. He claims he was kept in a loop of delays, meetings, and unanswered questions, while his personal life and business operations were brought to a standstill.
Out of frustration, Paul decided to involve his lawyer. He hoped that legal pressure would help resolve the issue quickly and professionally. Instead, he says the situation took a darker turn.
On 15th December, Paul received a call from a stranger who asked to meet him. During that meeting, Paul says he was told very clearly that his account could be “helped” and reopened, but only if he agreed to give up 30 percent of the total balance.
That amount, Paul explains, was roughly 1.5 million shillings. Thirty percent of his own hard-earned money, simply to regain access to what already belonged to him.
Paul describes the demand as shocking and humiliating. He says ordinary Kenyans work tirelessly to escape poverty, only to be trapped and exploited at their most vulnerable moments by institutions meant to protect them.
After the meeting, Paul claims things changed quickly. He was suddenly moved from office to office inside the bank, and shortly afterward, his account was reopened and access restored.
Following the public reaction to Paul’s story on X (formerly Twitter), I&M Bank issued an apology on the platform. The bank stated that it does not charge customers to access their accounts and does not condone any form of misconduct.
I&M Bank also asked Paul to share his details privately so they could investigate the matter further. The bank emphasized that it takes such allegations seriously.
However, not everyone online was convinced by Paul’s account. Some skeptics questioned his story, pointing out that Kenya has strict anti-money laundering rules that sometimes lead to account freezes during investigations.
At the same time, many other Kenyans shared similar experiences of sudden account freezes, long delays, and poor communication from banks. Several users said they felt powerless when financial institutions acted without explanation.
Paul insists his story is true and stands by every detail. He says the experience completely destroyed his trust in I&M Bank and left him emotionally and financially shaken.
In his message to the public, Paul warned young Kenyans not to blindly trust banks just because they look professional. He urged people to stay alert and protect themselves.
“Hunger is everywhere,” Paul wrote, “even in the banking halls.”
As the story continues to spread, it raises serious questions about transparency, customer protection, and accountability in Kenya’s banking sector. Whether through official investigations or public pressure, many Kenyans are now watching closely, hoping for answers.
