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Safaricom Courts Banks, Credit Unions to Grow Mobile Banking

  • Mobile banking customers may more than triple in two years
  • Company has signed partnerships with banks, credit unions

Safaricom Plc, Kenya’s largest mobile-phone operator, plans to more than triple the number of mobile banking customers in two years.

Users of the company’s mobile-phone banking platform will probably reach 15 million from 4 million now, with Safaricom subscribers in banks and credit unions driving the growth, Chief Financial Services Officer Sitoyo Lopokoiyit said Tuesday in an interview in the capital, Nairobi. Safaricom has already entered mobile-banking partnerships with all the nation’s 40 operating commercial banks and is signing up credit unions.