Kenya Commercial Bank Targets 30% Gain in Mobile TransactionsCharles Wachira
Kenya Commercial Bank Ltd., the East African nation’s second-biggest lender, is targeting a 30 percent increase in transaction volumes handled through its mobile banking system this year.
In 2014, the bank handled 125 billion shillings ($1.4 billion) through mobile banking, and expects to increase this by 30 percent this year after starting to offer the KCB Mpesa Account, Chief Executive Officer Joshua Oigara said in an e-mailed response to questions Monday.
The bank on March 10 began a partnership with Safaricom Ltd., East Africa’s biggest mobile network operator, to offer paperless banking accounts, known as KCB-Mpesa. The bank has said it seeks to gain 15 million customers who do transactions on their mobile phones within the next two years.
Safaricom, 40 percent-owned by Vodafone Plc, started M-Pesa, a mobile phone-based transfer and micro financing service, in 2007. It now has 12.6 million registered users in Kenya, “pesa” being a Swahili word for money.