Family Bank unveils e-payment service

Family Bank customers can now repay loans through their mobile phones. The new service known as Pepesha Pesa, allows Family Bank customers to send money directly to their account in order to offset loans and other obligations.

The Pepesha Pesa service that will be offered on Safaricom’s M-Pesa platform through its Paybill feature is a key advancement in mobile banking and will offer Family Bank customers convenience while reducing the costs of travel to branches.

“Pepesha Pesa breaks the limitation of time in providing service during the banking hours only. Most importantly, is that this new service enables access to banking  anytime, anywhere, therefore allowing bank customers greater accessibility and bringing financial services to their finger tips,” said Peter Kinyanjui, Family Bank’s CEO.

The service is an innovation that will instill credit payment discipline among borrowers who are mainly from the SME sector and allow the bank to extend its reach to rural areas.

“The mobile banking offers consumers added value to the current services since they are not limited to conventional branch-based banking and are able to improve their credit profile by paying their obligations on time without any barrier in time or distance” said Mr Kinyanjui.

The service will enable M-Pesa customers storing money in their cell phones to easily make payments of micro-loans extended by the bank.