More POS machines 'would increase access to finance in Kenya'
Increasing the number of point-of-sale machines in Kenya would improve access to finance for those living in rural areas, Visa has claimed.The payments firm urged banks to expand their credit card infrastructures, as at present they are mainly focused on urban locations, the Daily Nation reports.
This could be a way of promoting financial inclusion as it would enable those in more remote places to bank, even if they do not have a branch nearby.
POS machines are not the only technology supporting improved access to finance among low-income people, as mobile banking is having a similar effect.
Speaking to the Daily Nation, Mumias Sugar Company cane cutter Martin Wanzal, who lives in western Kenya, explained he now receives his salary through his mobile phone.
He also uses his handset to pay his bills and carry out other transactions.
"No more queues. My mobile phone is my bank account and I don't have to travel anywhere to get my salary," Mr Wanzal stated.