The Kenya Bankers Association have released the findings of their latest survey which looks at the interplay between banks, mobile network operators and agency banking.
The survey shows that a majority (60%) of Kenyans are utilising mobile phones to perform financial transactions, which has been helped by increased commitment by banks to offer mobile banking technology.
The success of mobile banking has been attributed to the strong synergies that exist between banks and mobile operators, where an increased provision of mobile banking services has deepened the penetration of mobile money usage.
The survey also highlighted the reasons behind mobile money uptake. While cost saving was deemed important, security and time saving were listed as the two top reasons people utilise mobile money services.
Despite the increasing usage of mobile money cash is still the most popular medium for everyday transactions. The majority of respondents however use mobile money for local money transfers.
Kenya Bankers Association CEO, Mr. Habil Olaka said “Days are long gone when customers would queue in the banking halls waiting to pay their utility bills, school fees or any other financial transactions. They can now do this at their convenience by using their ATM cards or over the internet from the comfort of their homes,” he added.
“Additionally due to the tremendous growth of the mobile phone industry most financial institutions have ventured into the untapped opportunity and have partnered with mobile phone network providers to offer banking services to their clients. ATM banking is one of the earliest and widely adopted retail banking services in Kenya. “
The Mobile Banking Survey was commissioned by the Kenya Bankers Association’s Center for Research on Financial Market and Policy and was undertaken in collaboration with Think Business Ltd. Data was collected from 1,258 respondents across the entire country, some banks and mobile service providers.
