NAIROBI, Kenya, Mar 25 – The Paynet Group has partnered with Kenya Commercial Bank (KCB) to allow its customers access money through the bank\’s ATM network.
Under the deal, PesaPoint connected card holders will access their accounts as well as enquire their balance at all KCB ATMs.
Speaking during the signing ceremony, Paynet Chief Executive officer Bernard Matthewman said the partnership would give more functionality to its customers from 29 affiliated banks to access their money from more points.
"Now their customers can come to a KCB ATM where they see that PesaPoint logo and they can use their bankcards with the same PIN number as usual to draw their money as usual," Mr Matthewman said.
KCB becomes the third bank Paynet has signed on for the service after CfC Stanbic Bank and NIC Bank.
Mr Mattewman said that the bank was looking to create similar synergies with its affiliate bank partners to grow its 100 ATM network in the country.
"It is obvious that if we want to grow our PesaPoint footprint it will have to be through such partnerships," he said
KCB Group Chief Executive officer Martin Oduor-Otieno said the move was part of a Central Bank initiative to have financial institutions share infrastructure in an effort of deepening access to financial services.
"The expectation is that the cost of financial services will come down and one way of facilitating this is shared infrastructure," Mr Oduor-Otieno said.
For KCB, Mr Oduor-Otieno said the next phase would be to introduce new services to its ATMs to facilitate utility bill payments and cardless transactions within the next six months.
"We are also looking to grow our network with another 10 ATMs in the second quarter of this year and more going forward," he said.
He also expects the joint venture to boost the bank\’s bottom-line as it experiences more transactions from other customers.
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