Revolution of Mobile Banking and Its Advantages

Mobile banking has turned out to be part and parcel of our daily life activities. It has changed the perceptions most people had in the past concerning banks and everything that entails banking.

This is a service provided by a bank or any financial institution which allows customers to conduct a range of financial transactions remotely using  their mobile phones without necessarily visiting the banking premises physically. With mobile banking, one is able to access most of the banking services at any time and from anywhere thus bringing about convenience. Its operations are on for 24 hours.

Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted.

Some services offered through mobile banking include obtaining account balances and list of latest transactions, electronic bill payments, and funds transfers between a customer’s or another’s accounts. Some are also able to access copies of their bank statements thus being able to be in track of their transactions.

Read: App Spotlight: Cooperative Bank’s MCo-op Cash App

Mobile banking has got a number of advantages including Financial security and being in control of your finances. Mobile banking reduces the cost of handling transactions by reducing the need for customers to visit a bank branch for non-cash withdrawal and deposit transactions.

The Cooperative Bank of Kenya is among the many banks in the country that have embraced the use of mobile banking. This is because the bank launched MCo-op Cash that allows users to move money from their M-pesa accounts and pay utility bills such as KPLC electricity, DSTV, StarTimes and GOTV subscriptions. Besides this, one is also able to move money easily from their MCo-op Cash to M-pesa and from M-pesa Kenya into MCo-op Cash.

The mobile banking services offered under MCo-op Cash include: Depositing money into your bank account at any time (as opposed to the strict banking hours). You can send and receive money from other MCo-op Cash users, Co-op account or Co-op SACCO account.

In addition to being able to deposit money into MCo-op Cash from M-pesa, one can also withdraw MCo-op Cash money at any Co-op bank agent or ATM country-wide.