Another milestone in Kenya banking, mobile sectors

October 30, 2015 12:32 pm1 comment

Mobile2BankNAIROBI, (CAJ News) – CHASE Bank has partnered with Safaricom for a service that will aggregate the entire bank’s services and make them accessible through mobile phones.

Said to be the first of its kind in Kenya, Mobile2Bank, the partnership between the financial institution and mobile network operator respectively, is envisaged to boost the efficiency of businesses.

It will allow businesses to make payments and collections directly to their bank accounts and enable them access loans and move funds from one Lipa Na M-PESA till to another in realtime.

Paul Njaga, Chief Executive Officer, Chase Bank, said this offering demonstrated how innovation in the mobile space could be harnessed to address some of the common painpoints in businesses.

“With Mobile2Bank businesses- small and large, will no longer need to make physical withdrawal of cash from bank accounts to make payments to third parties thereby enhancing their efficiency,” Njaga said.

Safaricom’s Chief Executive Officer, Bob Collymore, said mobile money had been the most impactful positive disruption to the financial services sector, and they were proud to be at the core of this development.

“Mobile2Bank’s launch today illustrates that we can still do more through strategic partnerships like these,” Collymore said on Friday.

Among those who will use Mobile2Bank are M-PESA agents who can now move float between their tills and bank accounts in realtime, and send float directly to another agent’s account- without having to visit the bank.

They will also be able to access loans that will boost their operations through Mobile2Bank.

Kenya has been ranked among the top five African countries with the fastest growth in telecommunication, infrastructure and mobile money innovations.

The engine behind rapid growth has been mobile telephony which has caused a mobile revolution in the country.

Mobile penetration in Kenya is currently at 82,6 percent with 33,6 million subscribers.

– CAJ News


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