Family Bank unveils money transfer service
By Fredrick Obura
Family Bank has partnered with Kenswitch to launch a money transfer service.
The service, known as Chapaa Chap Chap allows the bank’s ATM cardholders and customers on the Kenswitch network to send money to Safaricom subscribers registered on the M-Pesa service.
"The development of our new cash transaction system came as a result of a need to address efficiency, security and convenience," said George Wainaina Kenswitch General Manager.
"Chapaa Chap chap eliminates the three step process of withdrawing money from an ATM, looking for an agent to deposit the money into your M-Pesa account, then transferring money to a recipient," he said.
He said the system will address the constant problems of float and non-standard services offered by agents.
"This is a first step in improving the face of banking as it not only benefits Family Bank customers but also allows Kenswitch member bank customers, to transfer funds from their bank accounts to M-Pesa registered accounts via ATM," he said.
He noted that mobile phones are the future drivers of the economy and its features call for constant innovations to offer better services.
"The increased uptake of mobile transactions and banking is defining the future trend in doing business. This calls for secure, affordable and convenient services," said Family Bank CEO Peter Kinyanjui.
World Bank to change strategy for assisting KenyaWorld Bank (WB) is reviewing its strategy on working with Kenya to focus more on ways to help the country attain equitable economic growth that is environmentally sustainable.
When Njonjo almost resigned over coffee smugglersKnown as the era of black gold, it began in 1976 when Ugandan farmers decided to sell their coffee in the private market.
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