NIC and Safaricom sign pact to fund M-Pesa agents

NIC Bank has entered into a strategic partnership with Safaricom to enable M-Pesa dealers and agents banking with it to access float around-the-clock and in real time, through the bank’s online and mobile banking platforms.

The strategic partnership will cut down the time it takes businesses, most of which are Small and Medium Enterprises (SMEs), to access their money from banks thereby boosting efficiency in their operations.

It replaces a system that takes up to 48 hours for businesses to get float.

“This partnership with Safaricom is in line with our strategy to reach more SMEs across the country with a one-stop proposition that addresses all their business banking needs. It is also consistent with our MOVE to NOW philosophy, which caters for customers on the go who are looking for easier, faster and more convenient options,” said NIC Bank Group Managing Director John Gachora.

He said the partnership frees up working capital held in banks, thereby giving business customers more funds they can use to grow businesses and meet their obligations to suppliers and others in their value chain.

Safaricom CEO Bob Collymore said the deal demonstrates the ability for mobile money and technology to help redefine the overall banking experience for businesses.