The Mobile Banking Era: A Look At How Kenyan Banks Have Evolved

The Kenya Bankers Association has been holding an amazing session across Twitter called #CEOChat hosted on their website.

The #CEOChat has been providing an opportunity to Kenyan SMEs, entrepreneurs, and individuals to interact with some of the top bank CEOs in Kenya, asking them questions on various trends in the banking sector.

The first #CEOChat for the month of May is happening on May 8, 2020, with Citibank CEO Mr. Martin Mugambi talking about “enhancing financial service access through digital platforms.”

There will be two other CEO Chats on May 15, 2020, with Mr. Jeremy Awori, the CEO of Absa Bank Kenya, and on May 22, 2020, with Mr. Charles Mudiwa, CEO of Stanbic Bank.

To register and be part of the #CEOChat, please click here.

Mobile Banking

When M-Pesa was introduced in Kenya, many opinion makers predicted doom for the Kenyan banks. Many said that Kenyan banks were in for a rude shock as M-Pesa had come to take their businesses away.

Those who thought understood the Kenyan banks better said Kenyans were going to abandon all traditional banking practices and move to M-Pesa and other mobile money service providers.

Years down the line, Kenyan banks are still going strong. What happened was that Kenyan banks realized that disruption had occurred. That technology had come and that the only way to survive was to either shape in or out.

All banks in Kenya have now moved all their banking services to mobile. Currently, Kenyans can carry out virtually any banking activities from the comfort of their living rooms, cars, or anywhere, thanks to mobile phones.

Kenyan banks now have apps that enable Kenyans to access all the services as though they are in a banking hall. Digital banking has made Kenyans to “own” banks. By walking around with a banking app, one is virtually moving around with a whole bank, with everything in terms of services being within reach.

Through digital banking, Kenyan can now:

Deposit money to their bank accounts

Withdraw money from their bank accounts

Check balance of their bank accounts

Pay for goods and services using their banking apps

Apply and receive loans to their mobile phones without filling any papers.

Kenya has been a champion for financial inclusion for more than 10 years. These amazing steps would still be a dream was it not for the evolution of the banking sector in Kenya. Financial inclusion has been propelled by mobile banking and Kenyan banks have played a huge role in making sure that this is a success.

READ: Top 20 Mobile Loan Apps Banned From Accessing CRB Services