Chase Bank rides on Post Bank for expansion

By MORRIS ARON and  FREDRICK OBURA

 Third-tier Chase Bank has signed a point of sale partnership agreement with Post Bank to allow its customers to access services at the latter’s outlets.

The move, which will grow Chase Bank network,  seeks to exploit opportunities created by county governments.

“We are moving towards a devolved government. The banking sector, like other institutions, is realigning its services to the new system. The strategy we are getting into will improve financial access, more so in remote parts,” said Zafrullah Khan, Group Managing Director.

 “When two banks come together for this common good of the customer, it is a testament that the banking industry is unified to push the agenda for financial inclusion for all Kenyans.”

Under the arrangement, Chase Bank customers will access their funds from 99 Postbank branches, over 22 Chase Bank branches, 50 Chase Popote agents, and over 1,200 Automatic Teller Machines using the Kenswitch Network.

Point of sale agreements also allow one bank to use the other’s facilities and outlets in the same way as the original customers, but at an additional cost.

“The partnership is first of its kind using point of sale terminal, and is in line with the promise to use technology and paperless banking to provide convenience to Kenyans,” George Wainaina, managing director,  Kenswitch said.

Money transfer services

Wainaina said that the bank has also entered into a partnership with pharmacies at Nakumatt outlets and supermarkets like Naivas to provide money transfer services.

“We intend to partner with other like minded institutions to promote financial inclusion.”

Save for Chase Bank, Co-operative Bank, Kenya Commercial Bank, Equity have also embarked on similar initiatives riding on their IT systems and partnerships in rolling out services through various agencies.