In a move seen as repositioning the company within the banking industry, Post Bank has unveiled a new mobile banking account M-sawa that will enable customers open accounts, save, withdraw, purchase and transfer funds.
Riding on Safaricom’s M-pesa platform the mobile banking system is expected to enhance deposit taking as the company prepares for a commercial enterprise.
With the new platform, customers will be able to save as little as Ksh.10 as the bank wants to grow the level of savings to 30 per cent of Kenya’s GDP.
Speaking at the launch, Postbank’s Acting Managing Director Anne Karanja said the bank is waiting for approval from the regulator to start lending to its customers.
“M-Sawa will enhance our geographical reach to remote areas of the country and aid our current 990 agents countrywide,” Ms Karanja said in Nairobi on Wednesday.
For years the bank has been mainly for people who wish to save only with no lending options.