By STANDARD REPORTER
CfC Stanbic Bank was voted Best Mobile Solution provider for its bulk payments innovation during this year’s Global Finance Magazine Awards.
The facility has played a key role in the penetration of mobile telephone services and widened financial access in Kenya.
The Annual Global Finance Magazine Awards rank and recognise the Best Treasury and Cash Management Banks and Providers around the world.
Greg Brackenridge, CfC Stanbic Bank’s Managing Director said the award was a culmination of the bank’s consistent effort to provide innovative banking solutions while increasing levels of financial inclusion.
"By partnering with established mobile service providers, CfC Stanbic Bank has brought financial services closer to the majority of Kenyans who would otherwise not have any access to these services " added Brackenridge.
CfC Stanbic Bank’s mobile payments solution is seen as an answer to challenges faced by huge corporates in expending payments to a large number of people, a good number of whom do not have access to banking services.
In Kenya, 47 per cent of all money transfer services are currently carried out using mobile phones as opposed to conventional payment channels such as clearing houses, bank branches, automated teller machines and money transfer services such as Western Union.
The payment solution, which was launched in September 2009, is not limited to CfC Stanbic Bank’s account holders.
This service works on Safaricom’s M-PESA and Airtel’s Airtel Money Transfer, formerly known as ZAP, platform. Yu’s ‘Yu Cash’ mobile transfer proposition is set to come on board in the near future.
