Equity Bank's M-Kesho proving popular with Kenyans

Sep 08, 2010

Deposits totalling 900 million Kenyan shillings (€8.72 million) have been made through the M-Kesho mobile banking service since it was launched by Equity Bank in May.

Daily Nation reports 6,000 Kenyans are presently using the offering, which allows them to deposit and withdraw money from their bank accounts through their mobile handsets. Professor Njuguna Ndungu, Governor of the Central Bank of Kenya, was quoted by the news source as saying "ease in doing business and wide geographical spread" are behind the surging popularity of mobile banking. He urged financial institutions in the nation to adopt the technology, noting they will "reap the benefits of increased consumer base and reduced banking services".

M-Kesho is provided in partnership with Safaricom and makes use of the M-Pesa mobile banking platform. Speaking at the time of the product's launch, Dr James Mwangi, Equity Bank's Chief Executive Officer, stated technology is "key" to driving economic growth across Africa.