• Banking on it

    Banking on it

    Mobile money, initially developed for use by individuals, continues to innovate by now making its way into the business sector. Chase Bank Kenya has partnered with Safaricom to launch a service that aims to boost businesses’ effectiveness by combining all their banking services and making them accessible via mobile phone.

    Aptly named Mobile2Bank, the service – which is the first of its kind in the country – allows companies to make payments and collections directly to their bank accounts, while also enabling access to loans and allowing funds to be moved from one Lipa Na M-Pesa till to another in real time.

    According to a BizTech Africa report, Kenya is ranked among the top five African countries with the fastest growth in telecoms, infrastructure and mobile money innovations.

    Chase Bank CEO Paul Njaga says: ‘This product demonstrates how innovation in the mobile space can be harnessed to address some of the common pain points in business. With Mobile2Bank, businesses – small and large – will no longer need to make physical withdrawals of cash from bank accounts to make payments to third parties, thereby enhancing their efficiency.’

    10 November 2015
    Image: iStock