Why CBA is Unbanking the Millennials

In the recent months, the debate in public domain has been about the role of millennials in the economic sector.

Many people, especially those already established in the business world, have failed to understand the role of the millennials in the economy. Most think that millennials are individuals who have perfected the art of consuming what they cannot produce and produce what they cannot consume.

One of the sectors that have always misunderstood the millennials is the Kenyan banking sector. The banks do not understand the millennials and the millennials do not understand the banks either. It is very hard for a millennial to get financial assistance from a bank in Kenya because banks always treat them with suspicion.

The fact about millennials is that these are individuals who are millionaires in ideas. They are full of incredible ideas that can make them generate millions but they lack someone who is ready to hold their hand and move with them from nothing until they achieve something.

READ: Firsthand Experience of Loop, CBA’s Gift to Millennials

One bank, however, has come out as unique and realized the amazing potential that the millennials have in the building of the economy. This is Commercial Bank of Africa, the first institution to offer itself and the sole supporter of millennials, standing and guiding them on their way to success from infancy until they are able to stand on their own.

READ: CBA Unveils Loop, A Platform for Millennials To Unbank Themselves

The bank is doing this through the loop, a mobile banking app that features a personal financial management tool that enables customers to track, plan and analyze their income in comparison to their expenditure on a regular basis. The uniqueness of the tool is that the information presented to the customer is given in graphical forms and tools for easy interpretation. The new App, I discovered, makes it easy for customers to plan for and finance their personal goals as well as other aspirations for a given period of time.