Today's Headlines
- Lessons and Implications of the Confirmation of Charges Against Kenya's 'Ocampo Four'
- Finance Minister Quits Over ICC Charges
- Shortage of HIV Test Kits Raises Concerns
- Living On the Edge in Turkana Region
- Ali Breaks Silence, Describes Delight At Acquittal
- Uhuru, Ruto Eligible for Presidency - CIC
- Tea Sector Posts Record Earnings in 2011
- Resettle IDPs, Urges Annan
- Uhuru, Muthaura Have Done the Right Thing
- All Displaced People Should Return Home
- Concern Raised As Parents Shun Schools in Poll Violence Hotspots
- Ruling On IEBC Hiring in February
- Country Working Towards Conditions Needed for Direct Flights to U.S.
- How ICC Claimed Kibaki's Lieutenants
- Geothermal Project to Receive Sh10 Billion Funding Boost
- Five Million to Get IDs Before Elections
- Speed Up Building Port
- Uhuru and Muthaura Did Well to Quit Posts
- A Full Plate Awaits Githae
- Clashes Continue in Moyale
- Baraza Case to Be Heard Monday
- Two Firms in Joint Venture to Drill for Oil Near Lodwar
- Exit Uhuru, Muthaura
- ICC Charges Hound Uhuru Out of Treasury
- Consumers Grow Despite Inflation
- Poor Relations Between Banks Blamed for Cash Shortages
- Fish Prices Up As Vegetable Supply Dwindles
- Consumers to Pay More for Milk and Bread As Prices Rise
- Kibaki Tasks Ex-Dar CJ to Lead Probe in Kenya
- Mombasa Port Cargo Congestion Forces Three-Month Fees Waiver
7 September 2010
Nairobi — Equity Bank's M-Kesho mobile banking service has so far attracted 6,000 customers with deposits worth Sh900m.
The unique service which was launched in May in partnership with Safaricom enables individuals to withdraw money from their bank accounts via their mobile phone handsets.
The service also allows Equity customers to deposit money into their accounts through Safaricom's M-Pesa agents.
With a deposit of as little as Sh100, individuals are able to credit and withdraw money from the account using the M-Pesa money transfer service.
Central Bank of Kenya governor Prof. Njuguna Ndungu says the progress will soon see a significant reduction in the cost of doing business for banks and deepen access to financial services for the unbanked.
"Although the brick and mortar has served our country very well in the past, the clamour for cost reduction, ease in doing business and wide geographical spread has led to introduction of cheaper alternative delivery channels such as Agent banking and Mobile banking" he said. "I therefore urge banks to consider utilizing alternative these channels in order to reap the benefits of increased consumer base and reduced banking services"
