Property developer Cytonn Investments has launched a digital system that will facilitate mobile phone transactions on its platform.
The digital business, to be spearheaded by a newly launched subsidiary, Cytonn Fintech, takes away the need for human contact during transactional processes at all levels.
Chief executive Edwin Dande said investors in the Cytonn money market fund (CMMF) products will be able to initiate buying of unit trusts, disposal as well as transfer of units to other members without seeking assistance from Cytonn staff at their various offices.
“Cytonn Wallet is our solution to an existing need where our clients can send money directly to M-Pesa, to their bank accounts, pay bills, buy unit trusts and transfer unit trusts to other investors on the platform at the click of a button,” he said.
Mr Dande said the new venture was necessitated by global trends where businesses have been forced to go digital to remain relevant in the fast evolving business environment.
“The world has changed dramatically over the last couple of months. Businesses will evolve and emerge from the Covid-19 crisis in different and profound ways. This will translate into an even greater need for digital platforms to carry out transactions.
“We have seen an increased demand for solutions that can help individuals and small businesses weather the crisis. People want fast, easy-to-use, safe seamless payment and investment experiences,” he said.
Mr Dande said the Cytonn Wallet reduces human contact between their staff and investors while ensuring their products remain available as their offices remain closed.
“We have now embarked on other value-added services such as a CMMF-linked debit card and a lending facility to offer more value to our growing number of clients” said Cytonn’s Daniel Mainye, senior manager fintech, brand and innovation.
Cytonn FinTech, will offer the digital rollout of Cytonn Investments’ products from mutual funds, housing, diaspora products, pensions, crowdfunding, digital loans, insurance, healthcare and education financial solutions to the wider market.
The development means all account holders can access their portfolio round the clock on the platform to carry out any transaction.