Leading mobile company Safaricom and the Kenya Commercial Bank Group have merged in a partnership expected to re-shape how tens of millions of consumers in Kenya access financial and telecommunication services.
The two companies joining up in the strategic partnership follows in global trends that have seen banks and telecommunications organizations engage in formal partnerships that enable them use their respective innovation and strategic strengths to jointly deploy products and solutions that address customer’s needs comprehensively.
Safaricom today enjoys a customer base of 21.5 million customers served in over 250,000 shops—88,000 of which are M-PESA agents, and KCB Group is East Africa’s largest commercial Bank that was established in 1896 in Kenya. It has the largest branch network in the Region of 236 branches, 950 ATMs and 8,000 agents and 3 million customers.
Both firms enjoy the talent, the vast resources and a distribution muscle that extends from the smallest of the village shop in the remotest places in Kenya to the upmarket urban centres hence the success in the region.
“We bring to the table sound financial counsel and banking services that have been tailored to suit the various market niches and competitively-priced credit facilities that can support either large-scale developments or entrepreneurs in the SME sector” said Joshua Oigara, CEO KCB Group.
According to Safaricom’s CEO, Bob Collymore, the next few weeks will see the two companies offer combined customer base, the best-in-class of financial services and integrated communication solutions which will be fit for Business, Government and NGO’s and a major player in deepening financial inclusion.
Safaricom and KCB also aim at demonstrating more effectively how technology can be used to transform lives.