Financial Inclusion in Kenya Is Improving, Informs Timetric in Its Topical Research Study Available at MarketPublishers.com16 Nov 2016 • by Natalie Aster
LONDON – To improve financial inclusion in Kenya, banks are adopting an agency banking model. In March this year, Barclays Bank in partnership with the Postal Corporation of Kenya (PCK) launched agency banking. With the help of this service customers in the country have an ability to make cash withdrawals, pay bills and balance enquiries at PCK outlets. Rising financial inclusion is boosting the demand for current accounts and debit cards.
To compete with M-Pesa and also obtain access to the Kenyan mobile payments market, Visa entered into collaboration with some banks in the country, including Family Bank, Co-operative Banks, NIC Bank and KCB, in order to launch its mobile payment solution, mVisa, in September of the current year. This solution allows customers to access funds and also make in-store payments and P2P transactions with the use of a mobile phone. Users can also withdraw funds from their bank accounts via mVisa agents.
Non-banking companies tend to make a foray into the country’s payment cards market. In July of the current year, Safaricom piloted a payment card, which is linked to a consumer’s M-Pesa account. This new card in NFC-enabled, and it uses PIN and chip technologies.
In-demand topical report “The Cards and Payments Industry in Kenya: Emerging Trends and Opportunities to 2021” by Timetric is a trustworthy source of unique unbiased data on the Kenyan cards and payments market landscape.
This report includes an all-round analysis of the domestic cards and payments industry, uncovers current industry values and also includes forecast figures. It presents an overviews of the key economic, demographic, business and infrastructural drivers shaping the country’s cards and payments industry. The report investigates the regulatory framework in Kenya, touches upon the competitive scenario and reviews the key market participant. A future outlook through 2021 is at hand as well.
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