First, mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device.
Mobile banking has generally revolutionized banking. Its services have gained great popularity among Kenyans because of it’s accessibility and cheapness.It has also increased efficiency by providing nationwide access to their products instead of regional services and improved access too.
With almost 74% of the Kenyan population having mobile phones, mobile banking is penetrating fast in Kenya.
Below are some of the benefits of mobile banking in Kenya.
1. Accessible
As we had said above on the preview, Kenyans owning mobile phones are at 74%, which means that even people from rural areas have access to the mobile subscription. Mobile banking can be used even in the remotest places in Kenya because all one needs is a mobile phone.People in the rural areas who don’t have banks nearby have benefited massively from this banking services
2. Cheap
Mobile banking transactions are generally cheaper than over the counter transactions. This has reduced bank queues greatly as agents are almost everywhere.
Over the counter, transactions can be Ksh200+ while on online banking, they are Ksh30 but vary with the amount withdrawn. Other transactions like those of Mpesa are cheap too.
3. Secure
Mobile banking doesn’t have security issues like ATM skimming, in fact, in every transaction you make, a notification is sent to your phone via text message or an email to confirm the procedure or to report any malicious activity with your account. Other transactions like those of Mpesa have secure features too.
4. Consistent
With online banking, you can transact anytime you wish to 24/7. It has no particular time to make transactions.
5. Quick payment of bills
Mobile banking has made it possible for Kenyans to pay utility bills like electricity and water.
With the mobile payment of bills, you don’t have to queue all day to pay your bills.
6. Easy Communication Between Customers And Banks
This form of banking makes communication between banks and clients easier since they can send text messages or email their clients to inform them about latest changes or general matters banking.
7.Convenient
You can access mobile banking any day, anytime. Mobile banking works even on weekends, during holidays and even at night…it actually works everywhere anytime you want to use it hence very convenient.
8. Real-time Transactions
Online banking offers this service where users can transfer funds online and in real time to accounts of the same bank account they are using clients using Coop Cash can only transact with other clients of the Co-operative Bank.
Other mobile banking services like Mpesa are also real-time and very fast.
