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.
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.
READ: M-Shwari drives increase in bank accounts to 18m
“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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