Landlords and tenants are set to benefit from a new digital platform that promises to make it easier to collect and pay rent taking on newly launched startup Kodi Pay among others.
The e-payment solution, dubbed eResident, is tailored to serve the real estate market, specifically in the management of rental payment.
It has been developed through a partnership between KCB Bank Kenya Limited and eResident Limited, a bill management and rental payment services company.
eResident will offer a host of benefits such as security, convenience and cut collection cost for landlords and agents. The benefits apply to tenants too who will not have to deal with agents or queue at the bank to make payments.
The platform also makes tracking of payments easier since the money is sent from any of the money transfer platforms straight to the bank. Accounting functions such as reconciliation make it easier for agents and property owners to see real-time the amount paid and the amount due at any given time.
To access the service, users need to register throughand thereafter verify their details.
KCB Corporate Banking Director Peter Kathanga said the bank is continuously looking for opportunities to bring innovation to the financial solutions it offers. “We are keen to bring to the market simple innovations that respond to developing trends which meet consumer needs. This innovation is crafted to cut across multiple payment channels such as credit and debit card, mobile money transfer as well as bank deposits,” said Mr Kathanga.
The partnership also signifies the Bank’s commitment to complementing the government’s efforts to provide affordable houses. KCB Bank is keen on availing affordable and friendly mortgage financing for both commercial and residential projects. KCB Bank is the largest financier of home buyers in Kenya with a mortgage loan book of over Ksh60 billion.
eResident Limited CEO James Ayugi said that the system will encourage financial planning which is the first step to optimizing ones income. “We believe that technology can transform lives and enhance access to financial solutions. eResident therefore comes as a relief to landlords and agents who have found managing their properties hectic and tenants who end up losing valuable hours as a result of having to queue at banks to make their rent payments,” he said.