NAIROBI, 30th October 2015… Chase Bank Kenya has partnered with Safaricom to launch a service that will boost the efficiency of businesses, by aggregating all their banking services and making them accessible through a mobile phone.
Mobile2Bank, which is the first of its kind in Kenya, will allow businesses to make payments and collections directly to their bank accounts. It will also enable them access loans and move funds from one Lipa Na M-PESA till to another in realtime.
“This product demonstrates how innovation in the mobile space can be harnessed to address some of the common painpoints in businesses. With Mobile2Bank businesses- small and large, will no longer need to make physical withdrawal of cash from bank accounts to make payments to third parties thereby enhancing their efficiency,” said Paul Njaga, Chief Executive Officer, Chase Bank.
Safaricom’s Chief Executive Officer, Bob Collymore said, “Mobile-money has been the most impactful positive disruption to the financial services sector, and we are proud to be at the core of this development. Mobile2Bank’s launch today illustrates that we can still do more through strategic partnerships like these.”
Among those who will use Mobile2Bank are M-PESA agents who can now move float between their tills and bank accounts in realtime, and send float directly to another agent’s account- without having to visit the bank. The will also be able to access loans that will boost their operations through Mobile2Bank.
Kenya has been ranked among the top five African countries with the fastest growth in telecommunication, infrastructure and mobile money innovations. The engine behind rapid growth has been mobile telephony which has caused a mobile revolution in the country. Mobile penetration in Kenya is currently at 82.6 percent with 33.6 million subscribers, proving that the mobile phone is fast becoming an important tool in transforming lives.
About Chase Bank
Chase Bank (K) Ltd was incorporated in 1995. The Bank received awards for being the Best SME Bank 2013, Fastest Growing Bank in Kenya in 2009 and 2010, as well as a special award for product innovation, at the Banking awards 2011 and 2013 in recognition for their role in creating innovative products for the SME market.
Chase Bank places a keen focus on the SME and the provision of innovative products for this ever growing market. The Bank, modeled around relationship banking provides its customers with value added services like Bank Assurance, Bank Brokerage, and off shore investment opportunities with the aim of improving their overall customer experience.
Safaricom transforms lives.
We provide voice, data, financial services and enterprise solutions for a range of subscribers, small businesses and government, using a variety of platforms.
As the biggest communication company in East and Central Africa, Safaricom delights over 21 million subscribers, providing over 200,000 touch points for its customers and offering over 100 different products under its portfolio.
Listed on the Nairobi Stock Exchange and with annual revenues in excess of Kshs 100 Billion, Safaricom invested Kshs 27.78 billion in infrastructure this year, providing over half of Kenya’s population with 3G coverage and providing 2G coverage to 90% of Kenyans. Safaricom has harnessed its proprietary fibre infrastructure to build a dedicated enterprise business which provides managed IT services to clients in the East African region.
Safaricom pioneered commercial mobile money transfer globally through M-PESA, the most successful service of its kind anywhere in the world. Launched in March 2007, M-PESA now has over 21million customers and over 85,000 Agent outlets countrywide.
For further information, please contact:
Group Head of Brand,
Chase Bank Kenya
Head of Marketing,
Chase Bank Kenya