Postbank Kenya has unveiled its mobile banking service M-chama to target small savings group in the country
Kenya Broadcasting Corporation (KBC), the bank, aka Kenya Post Office Savings Bank, will offer loans.
M-chama currently has close to 2,500 groups registered and expects to recruit 3,500 more groups by the end of the year.
KBC adds that more than 45 million Kenyans own a mobile phone.
State-owned Postbank will have competition in Kenya’s mobile market.
Back in April, PayPal and Safaricom partnered to let Kenyans move money between their M-Pesa and PayPal accounts.
TransferTo operates a cross-border mobile payments network for emerging markets and is the technology partner underpinning this collaboration.
Safaricom says it has over 29.5 million subscribers with 200,000 “touch points” for its customers.