KCB Bank Group has launched a new product targeting the unbanked population in Kenya.
Dubbed KCB M-Benki, the service allows mobile phone users to open a bank account and get instant access to all banking services from their mobile phones.
According to KCB Group CEO Joshua Oigara,“This mobile-banking platform will accelerate the reach to the unbanked in the country in a convenient, easy and simple manner without personally visiting a branch to open a bank account supporting our financial inclusion agenda.”
To open a Mobi Plus account, customers will either;
- Send a request through M-Pesa pay bill no 522522 with their ID number as the account number or,
- Dial *522#, enter their National I.D number, full names and follow the prompts leading to receipt of a T24 account number and a PIN for Mobi Bank.
- Enter any amount e.g. KShs. 50 and above, and then your MPESA PIN,
- You will receive SMS from Mpesa confirming your money has been sent to KCB.
- Details are verified, and customer gets two smses: Mobi + account number and Mobi log in details. You can start using the account immediately.
The KCB M-Benki was launched by the Cabinet Secretary Ministry of Information, Communications and Technology, Hon. Dr. Fred Matiang’i who said that this has demystified banking and simplifies the process of opening a bank account with your phone and you instantly access all other services, wherever you are.
“As a Ministry we are encouraged by the growing sense of innovation in the financial sector, to increase access to banking services in all the 47 counties in Kenya. This has been made possible through the partnership of a mobile operator- Safaricom, the government –Department of Immigration and KCB to allow for this product to fully function in a seamless manner,” he added.
With the new service KCB aims to supporting financial inclusion for all, benefit SMEs, youth and women, reduce paper usage during formal bank account applications and end the lengthy cumbersome process of application has been shortened to minutes.