Benefits of mobile banking in Kenya

  

Date Posted: 11/12/2012 9:15:11 PM

Posted By: wameyo99  Membership Level: Silver  Total Points: 345

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Mobile banking in Kenya is a recent phenomenon and many Kenyans have embraced this new technology. Banks are starting to reap huge profits from the mobile banking service because of the many Kenyans using this service. Mobile banking has many benefits to a customer and some of these benefits include:

Accessibility

The low cost of mobile phones has made it possible for almost every Kenyan to own a mobile phone and this makes it easier for the banks to penetrate the market through mobile banking. Mobile banking can be used even in the remotest of areas because all one needs is a mobile phone. People in the rural areas have benefited mostly from this service.

Payment of bills

Mobile banking has made it easier for you to pay your utility bills like electricity and water. This is a very efficient way of payment which reduces the hassles of queuing or late payments.

Purchase of Airtime

Purchasing airtime has never been easier since the invention of mobile banking. In case you are in need of Safaricom, orange or Yu airtime, you just press a few keys and you will have airtime in a matter of minutes.

Easier communication between banks and customers

Mobile banking has made it easier for banks to communicate with their clients through text messages. This is a very effective marketing strategy that is being used by banks to inform their customers of any changes or to promote new products/services.

Less costly

People who live far away from banks are finding it cheaper to transact using this service. Mobile banking has eliminated the need to travel long distances to banks which is very convenient for people who live in rural areas.

More secure

With mobile banking you are freed from fraud cases such as ATM skimming. With mobile banking you are also alerted with a text message

in case of any transactions affecting your account.

Apart from all these benefits, mobile banking allows you to transfer money from one account to another, pay your loans and even access your credit card balances.

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