× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

KCB signs up 1.8m mobile banking customers

BUSINESS
By Reuters | June 9th 2015

KCB, has signed up 1.8 million customers for its mobile phone-based service since it was launched in March. It is on target for 10 million users within a year from now, its chief financial officer said. Mobile technology is seen by executives as the future of banking in Kenya.

Other companies such as Equity Bank and Standard Chartered Kenya have invested in systems to let users access accounts any time. The KCB M-Pesa service, operated jointly with Safaricom, allows users to deposit cash and borrow up to Sh1 million  for up to six months via mobile devices.

“KCB has been able to increase its retail footprint by opening over 1.8 million new accounts,” said the newly appointed CFO Lawrence Kimathi.

KCB has lent more than Sh1.37 billion to more than 400,000 borrowers on KCB M-Pesa, he said, adding the service was on course to hit a target of 10 million users within a year.

Share this story
Coast residents asked to support food security project
The Parliamentary departmental committee on Agriculture, Livestock and Fisheries has asked residents and leaders of Kilifi and Tana River counties to stop squabbling over the ownership of the multi-billion Galana /Kulalu Food Security Project (GKFSP).
Absa Bank net profit for 3 months up 24pc
The performance was mainly driven by growth in interest income, particularly in the small and medium enterprises.
.
RECOMMENDED NEWS
Feedback