Postbank Kenya launches mobile banking service M-chama

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.

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