This archive report was first published on 25 October 2019.
As of October 25, 2019, the Kenyan banking sector has undergone significant transformations, driven by the need to stay ahead of evolving customer preferences and technological advancements.
Mobile banking, in particular, has played a crucial role in this shift, with banks partnering with mobile network operators to leverage their success and transfer knowledge to develop similar platforms.
One notable example is Prime Bank's 'Bank on Wheels,' which brings banking services to customers' doorsteps, reducing operational costs and improving service delivery.
1. Mobile Money Transfer and Platform Integration ¶
PesaLink, a platform that enables inter-bank transactions in mere seconds, is a testament to the efficiency of mobile banking partnerships.
Launched in 2019, PesaLink's partnership with eCitizen allowed subscribers to make real-time payments for public services, streamlining transactions and saving time.
2. Mobility and Banking ¶
Prime Bank's 'Bank on Wheels' features a cash deposit machine and network equipment, allowing customers to make deposits and withdrawals at their convenience.
3. Social Media and Banking ¶
United Bank of Africa has taken the innovative step of integrating WhatsApp and Facebook with its banking system, enabling customers to transact on social media platforms through the 'Leo' service.
As digitization continues to bridge the gap between banks and customers, reducing financial exclusion, it's clear that Kenyan banks are committed to embracing technology to offer better services.
