Kenyan banks are reported to be scrambling to leverage Safaricom’s mobile banking platform, M-PESA, to attract more customers.
Kenya’s CfC Stanbic Bank has now launched an electronic payments service that will provide its Business Banking and SME clients with the ability to accept M-PESA payments.
The payments are then settled into their bank accounts immediately or on demand without the need to physically go into a branch to deposit cash or fill any forms.
The service in conjunction with Safaricom’s mobile money transfer service, M-PESA (Lipa na M-PESA) & Kopo Kopo (Swahili for Credit Credit), allows merchants, shops, supermarkets and SMEs to not only accept payments on M-PESA but also extend banking services and products to the acquired businesses.