Kenya leads mobile banking revolution in Africa

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“I must say that East Africa, particularly Kenya, we’re way ahead in terms of delivering new channels, giving our customers more convenient solutions and exporting within Africa the opportunities that customers can exploit with mobile banking,” Oigara told CNBC Africa.

Oigara said Kenya Commercial Bank (KCB) currently boasts of over one million customers subscribing to its mobile databank. He said this is an exciting period for the bank since it launched various mobile banking services easily accessible on the internet and cell phones.

“If you look at the last year and this year a lot of innovations on mobile banking we’ve set up including a new KCB mobile banking, we call it Mobi Bank, with huge attribute to be able to give comfort and convenience for our customers,” said Oigara.

The bank will continue with its robust strategy until over 80 per cent of its customers are able to access banking products and solutions using the mobile banking platform.

The financial institution also announced that it will soon be launching a ground-breaking innovation to enhance its mobile banking platform.

“Our customers will be able to open an account from the phone without having to visit any of our agents or any of our branches. That enhanced platform is something that we’re working on right now and it should be coming on in this current quarter or the next quarter. It’s an add-on to our current mobile banking platform,” Oigara.

“We’re already there today and what we’ll like to see going forward is the exhilaration of the innovation around mobile banking. We have the skill base, we’ve the applications today, our penetration ratio is extremely high and we’d like to see more convergence beyond just one centre of service from a different customer to the next.”