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Home Business Kenya’s Family Bank Steps Out With A New PESAMOB Virtual Bank

Kenya’s Family Bank Steps Out With A New PESAMOB Virtual Bank

by Caroline Vutagwa
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Family Bank account holders are bound to enjoy a full suite of banking services including convenient micro loans and money transfer services as the bank has today announced the launch of a robust mobile phone based virtual bank, dubbed PESAMOB.

The new PESAMOB virtual bank geared at deepening financial services access by easing account opening and operation processes will run on Family Bank’s PesaPap! platform.

The bank is working to foster financial inclusivity to more than 3million Small and Medium traders alongside unbanked mobile subscribers.  The new PESAMOB virtual bank is expected to revolutionize the local banking sector by bridging conventional banking barriers.

Family Bank Chief Executive Officer Peter Munyiri, said the Virtual Bank, is, designed to provide affordable differentiated services from conventional mobile banking solutions.

“The new PESAMOB Virtual Bank will provide a full suite of banking services allowing its account holders to deposit cash, transfer, withdraw over ATM locations, and access micro loan facilities conveniently. Customers can also get their salary processing done and pay County fees such as licenses, rates and rents,” he said.

PESAMOB has been inspired by the growing consumer adoption of mobile phone based financial services.

In tandem with the growth, the use of mobile phone financial services, Munyirir pointed out that it had also doubled from 28 percent in 2009 to 62 percent in 2013, justifying the need for a fully-fledged virtual bank.

“At Family Bank, we are actively moving to change the local banking conventions as we know them by introducing such a groundbreaking banking solution as PESAMOB,” said the CEO. “Besides boosting the national financial inclusion goals, PESAMOB gives you the freedom to access loans, transact and save your cash without ever having to visit a physical banking hall.”

Present at the launch was the Central Bank of Kenya Governor Prof Njuguna Ndung’u and he had this to say: ” The advent of mobile-phone financial services (MFS) in Kenya, since 2007, has played a critical role in meeting the objectives of Vision 2030, particularly enhanced access to financial services. Banks, like Family Bank, have increasingly embraced such alternative delivery channels to advance financial inclusion. As a result, the financial system is now offering an increased and more diverse range of financial services and products to more Kenyans, covering a wider geographical spread, and even going beyond Kenyan borders.”

To enjoy the PESAMOB Virtual Bank Services, Munyiri explained that potential account holders will only need to Dial *325# from their mobile phones and follow simple prompts allowing them to activate their secure personal Virtual bank accounts.

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