Postbank Kenya unveils mobile banking service M-chama
Postbank Kenya has launched its mobile banking service M-chama to target small savings group in the country.
According to Kenya Broadcasting Corporation (KBC), the bank, aka Kenya Post Office Savings Bank, will offer loans.
KBC says M-chama currently has close to 2,500 groups registered and expects to recruit 3,500 more groups by the end of the year.
KBC adds that more than 45 million Kenyans own a mobile phone.
State-owned Postbank will have competition in Kenya’s mobile market.
Back in April, PayPal and Safaricom partnered to let Kenyans move money between their M-Pesa and PayPal accounts.
TransferTo operates a cross-border mobile payments network for emerging markets and is the technology partner underpinning this collaboration.
Safaricom says it has over 29.5 million subscribers with 200,000 “touch points” for its customers.
The Banking Technology Awards 2018 are now open to entries! Click here to apply.
