The Financial Revolution of Family Bank’s mVisa

Technology has taken over the world and the dream of the world being a globalized village has been realized by the current generation. The banking sector both in Kenya and around the world has not been left behind.

The banking sector in is in a revolution and the mobile sector has taken over. Almost all financial institutions have gone digital and people no longer visit the banking hall except on special occasions or to seek information.

In the article, The Future of Banking, the author, who is also the author of this article said, “The most defining age in the Kenyan banking sector is the age I will call the Kenyan Mobile Age. And not just mobile but let me call it the Smartphone or the Android Mobile Age in Kenya. This is the age that swept across the world, landed in Kenya and is causing a revolution in the Kenyan banking sector. Before, the only form of mobile banking was associated with the giant telecom, Safaricom through the amazing MPESA innovation. But recently, the banks have come up and as the young people now famously say banks hazitaki ujinga or banks hazipendi ujinga and they are not giving Safaricom a breathing space.”

One such bank that is revolutionizing the banking experience in Kenya and around the world is Family Bank through mVisa. mVisa was launched on the 19th of May in the year 2016, making it the first bank in Africa and in both Central Europe and Middle East to roll out such a service that is taking over the banking world by storm.

Just months after the service was launched, Family Bank still remains the only lender so far that has merchants and customers who are active (2,000 merchants and 500,000 active customers) who have already carried their transactions over the mVisa service.

What is mVisa and how does it work?

mVisa is a new hassle-free and secure way to make payments. This service is provided as a payment option on Family Bank’s mobile banking platform PesaPap with the sweet of it being hat it is directly available on the PesaPap, both on USSD and app versions. On USSD, one only needs to dial *325# to access while for smartphones, one has to download the PesaPap app from the Google Playstore for Android users and from the App Store for IOS users, Windows and Blackberry.

mVisa is a service that allows Family Bank customers to have an amazing experience as well as a wide range of services and products that they used to traditionally enjoy via their VISA Cards but now being offered on their mobile phones. The service is an additional payment option that will enable Family Bank’s customers who have the PesaPap mobile banking platform which has an mVisa functionality.

The mVisa is such a convenient way of carrying out transactions especially for customers with a PesaPap App to make cashless payments via their mobile phones either to pay bills at retail stores or directly make person-to-person finance transfers, withdraw as well as deposit money at a Family Bank agent.

With mVisa, the customer is the one who is in charge. The transactions are initiated by the customer who enters details and, therefore, greatly minimizing cases of fraud in a simple, secure and fast manner.

With mVisa, the customer can:

Through mVisa, you can:

• Pay for goods and services at merchant outlets,
• send money to a Visa card holder
• Deposit cash at an mVisa agent
• Withdraw cash from an mVisa agent and so much more.

Related: Equitel now Kenya’s Second Biggest Mover of Mobile Money