Kenya: Mobile banking gaining more ground

  1. Posted on Saturday 12 March 2011 - 23:22
    Peris
    Image of Peris
    Peris Wairimu, VoicesofAfrica alumna in Nairobi, Kenya
    Safaricom ltd, the best leading mobile phone service provider in Kenya was the first company to come up with(M-pesa) mobile phone banking. The service which was discovered 4 years ago has really saved residents especially those in rural and slum areas.
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    Now the same company has come up with another amazing service (M-kesho) which enables its subscribers to access their bank accounts anywhere anytime using their cell phones.

    According to Francis Musyoki a Trade Development Representative for M-pesa Nairobi region, M-PESA entails depositing,sending and receiving cash with a mobile phone while M-KESHO is a partnership between Equity bank and Safaricom company whereby you can deposit cash from your phone to your bank account and vice versa with just a mobile phone.

    ‘Another difference is that for M-pesa,the simcards are green in colour and for M-kesho the sim cards are red. There is no minimum balance too. You can deposit from as low as 1ksh free of charge’, Musyoki said.

    Musyoki also said that M-KESHO aims at ensuring that its customers pay their electricity and water bills,insurance covers, get loans and do other bank transactions using their cell phones.

    The service have been very convenient to slum residents and people living in rural areas since it has reduced the cost of transport, saved time and also reduced the number of cues in various banks to have their transactions done.

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