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KCB launches M-Benki in race for micro-deposits

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Cabinet Secretary for Information, Communications and Technology (ICT) Fred Matiang’i (left\0, Kenya Commercial Bank Group chief executive officer Joshua Oigara and Safaricom Limited CEO Bob Collymore (right) during the launch of a mobile banking product dubbed KCB M-Benki targeted at the unbanked population in Kenya and the region. Photo/SALATON NJAU

Cabinet Secretary for Information, Communications and Technology (ICT) Fred Matiang’i (left\0, Kenya Commercial Bank Group chief executive officer Joshua Oigara and Safaricom Limited CEO Bob Collymore (right) during the launch of a mobile banking product dubbed KCB M-Benki targeted at the unbanked population in Kenya and the region. Photo/SALATON NJAU  Nation Media Group

By Scola Kamau, The EastAfrican

Posted  Tuesday, October 15  2013 at  15:16

In Summary

  • The platform dubbed KCB M-Benki allows customers to open an account under Safaricom’s M-Pesa menu with as little as Ksh1 ($0.01).
  • The launch of KCB Group’s new platform comes almost a year after Commercial Bank of Africa (CBA) and Safaricom launched a banking platform dubbed M-Shwari that allows customers to open up an account and access micro loans from the bank.

KCB Group has launched a mobile banking platform targeted at the unbanked population, that allows customers to open a bank account without physically visiting a branch.

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The platform dubbed KCB M-Benki, which will be available in Kenya, allows customers to open an account under Safaricom’s M-Pesa menu with as little as Ksh1 ($0.01).

The launch of KCB Group’s new platform comes almost a year after Commercial Bank of Africa (CBA) and Safaricom launched a banking platform dubbed M-Shwari that allows customers to open up an account and access micro loans from the bank.

“With the growth of mobile phones penetration, the product will be accessible to the unbanked population across the country,” said Joshua Oigara, KCB Group chief executive officer adding that other countries will be considered in the near future.

The platform is hoped to bring a larger population into formal banking, benefit the small and medium enterprises and reduce time spent in opening accounts.

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