Postbank joins Equity, KCB and Cooperative banks in the Inua Jamii programme.
Postbank has joined the list of financial institutions appointed by the government to disburse cash to elderly citizens under the social welfare programme dubbed Inua Jamii.
Poor citizens aged 70 years and above receive Sh4,000 every two months in a social safety net that is currently estimated to cover 500,000 beneficiaries across the country.
Postbank, which has about 102 branches around the country now joins Equity Bank #ticker:EQTY, Kenya Commercial Bank #ticker:KCB and Cooperative Bank #ticker:COOP, in the process to sign up the selected senior citizens for the programme.
“By combining our experience and knowledge with government ministries like social protection, we will see exponential growth in financial inclusion and enhancing the livelihoods of Kenyans across the country,” said Postbank managing director Anne Karanja in a statement.
The beneficiaries will get an account and smart card, which uses biometric authentication, to access funds issued through the selected four banks branch networks and identified agents across the country.
Postbank and the other three lenders are riding on their wide distribution network across the country including branches to get the cash disbursement deals.
The programme offers the lenders an opportunity to recruit new customers, grow their deposit base and earn fees on transactions.
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