NAIROBI, Kenya, June 3- Kenya continues to claim its place as the regional financial hub as institutions come up with products geared toward extending formal banking services to the millions of financially excluded Kenyans.
Family Bank is the latest to introduce a mobile phone banking platform that will enable its customers to, among others, deposit money into their accounts, access salary advances and at the same time facilitate real time deposits from Safaricom’s money transfer service, M-PESA directly to an account.
“With the success launch of this mobile banking platform, we will now be able to introduce competitive mobile based products that over time will provide our customers with financial independence at their finger-tips and give them the freedom to transact on a 24/7 basis,” said Chief Executive Peter Kinyanjui.
The application suite dubbed Pesa Pap! will also decongest banking halls while for rural customers, the service will save them the hassle of traveling long distances to the bank branches.
“By bridging the gap between the M-PESA function on their phones and their bank account, Family Bank customers will be able to enjoy the convenience and security of transferring money through M-PESA at the click of their phone,” he added.
The launch of this service, the CEO pointed out, demonstrates Family Bank’s commitment to making modern banking services readily accessible to all Kenyans.
Together with their successful Mwananchi Account that has zero fees, Pesa Pap! would help provide Kenyans with affordable and accessible financial services from the convenience of their mobile handset.
This, Mr Kinyanjui added, was in line with the bank’s heritage as an institution that serves those at the bottom of the pyramid.
This product comes into the market barely three weeks after Safaricom partnered with Equity Bank to launch an account will make it possible for M-PESA users to transfer funds directly into their Equity Bank account using their phones.