Kenya Commercial Bank (KCB) Group and Postal Corporation of Kenya (PCK) have entered into a strategic partnership to share payment infrastructure and capitalise on their expansive branch networks locally in line with the bank’s financial inclusion agenda. PCK recently launched its PostaPesa e-payment solution and the partnership will see KCB be the official Settlement Bank
Kopo Kopo, a merchant services platform serving thousands of businesses in East Africa, announced that it raised $2.6 million in Series A financing. Javelin Venture Partners led the round with Vinod Khosla’s Impact Fund, an existing investor. Accion Venture Lab also participated. Noah Doyle of Javelin Venture Partners will join Kopo Kopo’s board of directors.
Equity Bank Group’s focus on enhancing affordability, accessibility and convenience has seen its growth momentum maintained for the period ended 30th September 2013. The regional banking group has posted a 17% growth in customer deposits, a growth of Kshs.28 billion to Kshs.190 billion up from Kshs.162 billion. The impressive growth has been enabled by massive
The Kenyan banking industry has successfully upgraded its Automated Teller Machine (ATM) network following an industry wide initiative that was spearheaded by the Kenya Bankers Association (KBA), the industry umbrella body. In an effort to enhance ATM security in the country, KBA members have adopted the global standard known as EMV, which is based on
Equity Bank and PayPal announced that merchants in Kenya can now sell to PayPal’s global customer base of more than 137 million active accounts in 193 markets around the world and move the proceeds to their Equity Bank accounts. This new service allows PayPal users to withdraw funds to their qualifying Equity Bank accounts from
Leading Regional East African retail chain Nakumatt Holdings Limited today launched the Nakumatt Global Prepaid MasterCard card, in partnership with Kenya Commercial Bank and Diamond Trust Bank. The new card, which is EMV compliant, replaces the current Nakumatt Cybercash loyalty smartcard and provides a range of enhanced benefits and security features. With the multicurrency Nakumatt
KCB Bank Group has today made a key milestone in its technology-driven innovation targeting the unbanked population by launching a new product dubbed KCB M-Benki, the first in Kenya and the region. KCB M-Benki, will be accessed through the phone, and it allows any individual to easily open a bank account through the KCB Mobi
Bango and MMIT have released M-Iflọ, a payment solution that enables online transactions for digital content. M-Iflọ navigates the mobile payment environment in Sub-Saharan Africa and is tailored to the needs of the industry leaders in mobile content. Africa’s growing population of smartphone users are young, tech savvy and early adopters by instinct. But when
In order to improve and track the quality of service offered to customers, KCB are rolling out a queue management system in some of their branches. The bank has already launched the queue management system in sixteen branches across the country. Each transaction is tracked from the point of entry in the waiting area up
South Africa and Kenya are leading the continent in embracing and adopting cashless payments, according to the results of a new global survey. Dubbed The Cashless Journey, the report shows that 43 per cent of South Africans, 27 per cent of Kenyans and 7 per cent of Egyptians, which came third in the continent, had
