This archive report was first published on 1 July 2019.
As Kenya continues to grapple with the effects of cybercrime, experts are urging banks and financial institutions to integrate technology in their operations to increase efficiency in service delivery.
According to a report by cybersecurity firm Serianu, Kenya lost 30 billion shillings to cybercrime in 2018, a figure that could increase if organizations fail to adequately invest in cyber security infrastructure.
Experts believe that integrating new technologies in financial service delivery will not only enhance customer data protection but also reduce incidences of cybercrime and transaction costs, making banking more affordable and accessible to many Kenyans.
One such initiative is the strategic partnership between XH Smart Tech and CompuLynx, which aims to provide secure digital and card solutions that will ultimately reduce transaction costs and provide better protection of customers' data.
The partnership is expected to improve service delivery by allowing banks to create an ecosystem of merchants and direct traffic through the QR technology and app.
Going forward, stakeholders are upbeat that ICT integration will reduce the cost of transactions for both the customer and financial institutions, promoting financial inclusion.
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