Mobile money, initially developed for use by individuals, continues to innovate by now making its way into the business sector. Chase Bank Kenya has partnered with Safaricom to launch a service that aims to boost businesses’ effectiveness by combining all their banking services and making them accessible via mobile phone.
Aptly named Mobile2Bank, the service – which is the first of its kind in the country – allows companies to make payments and collections directly to their bank accounts, while also enabling access to loans and allowing funds to be moved from one Lipa Na M-Pesa till to another in real time.
According to a BizTech Africa report, Kenya is ranked among the top five African countries with the fastest growth in telecoms, infrastructure and mobile money innovations.
Chase Bank CEO Paul Njaga says: ‘This product demonstrates how innovation in the mobile space can be harnessed to address some of the common pain points in business. With Mobile2Bank, businesses – small and large – will no longer need to make physical withdrawals of cash from bank accounts to make payments to third parties, thereby enhancing their efficiency.’
