A new virtual bank launched in Kenya

Dec 10, 2013

Family Bank has launched a mobile phone-based virtual bank, dubbed PESAMOB, to facilitate access to its financial services.

Family Bank has launched a mobile phone-based virtual bank, dubbed PESAMOB, to facilitate access to its financial services in Kenya.

This platform will offer a full range of services, including cash deposits, transfers, withdrawals over ATM and access to micro loans.

Customers will also be able to get their salaries processed and pay county fees such as licences, rates and rents.

The new service is expected to extend access to finance to up to three million small and medium-sized traders which have a mobile subscription but no banking services so far.

Family Bank CEO Peter Munyiri acknowledged the launch has been inspired by the success of mobile phone based financial services. He said the number of active mobile phone financial services users (11.5 million) has more than doubled the number of active bank account holders (5.4 million).

"Besides boosting the national financial inclusion goals, PESAMOB gives you the freedom to access loans, transact and save your cash without ever having to visit a physical banking hall," he declared.ADNFCR-2976-ID-801670500-ADNFCR