Mobile banking in Kenya
Mobile banking is a recent technology which many Kenyans are embracing. Because many Kenyans currently use mobile banking, banks are reaping huge profits from this new technology. Using mobile banking has benefits for users. This article highlights the benefits of mobile banking in Kenya.
How does it benefit customers?
Easily accessible
Mobile banking is accessible even to people living in the most remote areas. This is because all users need is a mobile phone. Since mobile phones are cheaply available, banks are able to make profits through mobile banking. People in the remote areas are mostly benefiting from this service because it saves them the energy and cost of going to the bank.
Provides an easy way of settling bills
Mobile banking makes it easier for most people to pay bills using their mobile phones. Water and electricity bills can now be settled without having to incur transport costs. It also saves one from long queues and making late payments.
Enhances security
Mobile banking is more secure than ATM cards. This is because you can handle every step using your phone and you also get SMS notifications from your bank. With mobile banking, you are free from possible frauds that come with banking.
Cost-effective
Mobile banking helps most Kenyans living far away from banks to cut the costs of traveling to the bank regularly. This is because mobile banking allows you to operate from wherever you are. Because of this, people are finding it cheaper to use.
Mobile banking is therefore cost-effective to the users and the Bank because they incur little cost in offering mobile banking services to their customers.
Ease of communication between banks and their clients
With mobile banking, banks can send SMS notifications concerning changes in the banking system. This is important because customers are given first-hand information concerning the necessary changes in banking services and new products.
With mobile banking, customers get bill payment alerts, credit or debit alerts, minimum balance alerts and any other relevant information on their mobile devices.
Rewards
Most banks in Kenya do reward their customers using mobile banking applications. These rewards are usually in the form of points or discount coupons given whenever you make any transactions via mobile banking. This service is beneficial to most Kenyans because normally, these points can be redeemed to win certain prizes.
Mobile banking services are super-fast
With the emergence of smartphones, most Kenyans are served pretty fast by mobile banking services. This is because you get quick responses by just clicking on the service you want.
With mobile banking, the user can easily transfer money from one bank to another with the help of an internet connection.
Purchase of airtime
Mobile banking makes it easier to buy airtime from all networks. Whether you are using telcom, safaricom or airtel, mobile banking enables purchase airtime in minutes.
Availability
Mobile banking services are available 24 hours a day. This means that you can access these services anytime anywhere. Because of this, it is considered the most convenient banking of all.
More:
- Mobile Banking: What are the Advantages and Disadvantages?
- 10 Advantages of Mobile Banking that Banks Cannot
- 5 key benefits of mobile banking in 2020
