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.