A trip to your neighborhood bank has never been the most anticipated of trips. You head there early hoping to avoid long lines, just to find out you don’t have all the documentation required to achieve what you had planned for in the first place. Alas you need to obtain the same and return, just to find the dreaded line you were so anxiously trying to avoid. A series of frustrating trips back and forth to the bank need to be made before finally receiving what it is you had wanted, and while you’re finally relieved, a lot of your time was clearly wasted. Due to this, it’s no wonder people are growing more welcoming and accustomed to mobile banking services.
Mobile banking cuts short the expensive and tiring process of traveling around and about, and allows you to achieve whatever it is you want in the comfort of your own home. I can’t remember the last time I even used an ATM. Once again technology has given us an easy way out. KCB Mpesa is one such service that has seen over Kshs.7.8 billion in loans transacted by its customers throughout a span of 12 months. Within only one year, KCB has managed to obtain 5.2 million new customers thanks to the mobile banking service. That’s 5.2 million people who got tired of doing things the old fashioned way. With an average Kshs. 660 million loans disbursed through the service on a monthly basis, it looks like the service is doing well and is here to stay.
Any Mpesa user can immediately access this service, even without previously having an account with KCB. By simply keying in *844# you are able to immediately obtain a new account with the bank, and perform several actions such as transacting, depositing, and checking your bank balance, among other things. If you wish to borrow, you’ll first be informed if you’re eligible, then follow prompts to secure the loan which will be sent to your mobile phone instantly.
“KCB M-PESA has revolutionalised lending and redefined banking. Accessing affordable credit has never been easier and faster than it is today because of this mobile phone technology allowing customers to borrow instantly. A year after we launched this product, we firmly stand at the epicenter of transforming the financial services sector in East Africa and beyond,” said Joshua Oigara, CEO, KCB Group.
KCB is not the only bank enjoying the lucrative rewards of mobile banking services. According to Financial Sector Deepening Report (FSD Kenya) 2016, 18 percent of the population uses new mobile banking services. As a result, the proportion of bank account users has now risen to 38 percent, a 10 percent increase since 2013. Indeed, trips to the bank are slowly becoming a thing of the past.