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Trans-National Bank launches Internet banking

By | Published Thu, March 5th 2009 at 00:00, Updated Thu, March 5th 2009 at 00:00 GMT +3

By James Anyanzwa

Trans-National Bank of Kenya has introduced Internet banking in its latest attempts to increase its presence and market share.

The new facility is expected to provide the bank with an alternative income stream as it moves towards shoring up its profitability levels. The bank says the new facility will be available for account holders. "The idea is to tap into a new income stream, because all other commercial banks are thinking towards introducing this facility to its customers," Mr Garfield Settim, the Bank’s Head of ICT said.

Other than increasing its income streams, the bank has also entered into discussions with key utility providers such as Kenya Power and Lighting Company and the Nairobi Water Company to ensure that consumers can use the system to pay their bills. "Negotiations are going on as we try to provider our customers with convenience banking systems,"he said.

Penetration low

A research done by the bank last year showed that Internet banking was critical in banking and general financial transactions are concerned. Although Kenya’s Internet penetration is still low compared to South Africa, Nigeria and Egypt, Mr Settim says recent developments among the different providers was a source of optimism. "There is a high demand for Internet banking especially among corporate customers and computer literate individuals," he said. "It’s also becoming cheaper for customers to access the Internet because the costs of bandwidth are going down," he added.

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