Two mobile banking services launched in Kenya

Nov 04, 2015

The Co-operative Bank and Chase Bank both launch new banking services available via mobile phone.

Two mobile banking services were launched in Kenya last week. The Co-operative Bank has partnered with SimbaPay to offer international money transfer services to the bank's customers based abroad, while Chase Bank has partnered with Safaricom to launch a mobile banking service targeting targeting businesses.

"Our customers who already bank with Cooperative Bank or have friends and family using Cooperative Bank will be glad to see their transfers being credited instantly. It's a great milestone for banking innovation in Africa," Nyasinga Onyancha, chief executive for SimbaPay told CIO East Africa.

Maurice Matumo, director of business banking at Co-operative Bank added that the service enables Kenyans abroad to send money home without suffering the cost of making the cash transfer.

"We hope to expand this partnership to cover more regions of the world where Kenyans live and work, to enable the economy to tap the full potential of Diaspora, especially at this moment when the need for forex inflows has become critical," he said.

Meanwhile, Mobile2Bank, launched by Chase Bank Kenya and Safaricom, is a service designed to boost the efficiency of businesses by aggregating all their services and making them accessible through a mobile phone.

Businesses can receive a payment using till numbers, and also pay
bills and buy goods while instantly getting credited on their account.

"This product demonstrates how innovation in the mobile space can be harnessed to address some of the common pain points in businesses. With Mobile2Bank businesses-small and large will no longer need to make physical withdrawal of cash from bank accounts to make payments to third parties thereby enhancing their efficiency," said Paul Njaga, chief executive of Chase Bank, in a press release.ADNFCR-2976-ID-801804905-ADNFCR