Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
A number of banks have faced closer scrutiny from the regulator

Kenya

Chase Bank, Safaricom launch mobile solution for businesses

Chase Bank Chief Executive Paul Njaga says the product demonstrates how innovation in the mobile space can be harnessed to address some of the common issues in business.

Chase Bank Chief Executive Paul Njaga says the product demonstrates how innovation in the mobile space can be harnessed to address some of the common issues in business.

NAIROBI, Kenya, Oct 30 – Chase Bank Kenya has partnered with Safaricom to launch a new product dubbed Mobile2Bank in a bid to boost the efficiency of businesses.

The partnership will allow businesses to make payments and collections directly to their bank accounts as well as enable them access loans and move funds from one Lipa na M-PESA till to another in real time.

The product will also allow M-PESA agents to move their float between their tills and bank accounts in real time and send float directly to another agent account without having to visit the bank.

Chase Bank Chief Executive Paul Njaga says the product demonstrates how innovation in the mobile space can be harnessed to address some of the common issues in business.

“This affirms our commitment to the Small and Medium Enterprises having pledged to invest Sh60 billion in the next three years. So far, we have given Sh20 billion to SMEs,” Njaga said pointing out that SMEs are the Key to unlocking prosperity in the country.

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

Mobile penetration in Kenya is currently at 82.6 percent with 33.6 million subscribers proving that the mobile phone is fast becoming an important tool in transforming lives.

According to statistics from the Central Bank of Kenya (CBK) mobile money payments from January to June 2015 stood at Sh1.3 trillion.

“Mobile money has been the most impactful positive disruption to the financial services sector and we are proud to be at the core of this development, Mobile2Bank’s launch today illustrates that we can still do more through strategic partnerships like this,” said Safaricom CEO Bob Collymore.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...