Family bank launches mobile phone banking

Family Bank has announced the launch of a mobile phone based banking system joining other industry players in the race for the mobile phone banking market share.

Dubbed PESAMOB Virtual Bank the service will allow customers to deposit cash, transfer, withdraw over ATM locations, and access micro loan facilities conveniently. 

It will also allow for payment of fees such as licenses and rents based on prior arrangement by government and other service providers.

The bank’s chief executive Peter Munyiri said the launch has been inspired by the growing consumer adoption of mobile phone based financial services.

“Besides boosting the national Financial inclusion goals, PESAMOB gives you the freedom to access loans, transact and save your cash without ever having to visit a physical banking hall.” Said Mr Munyiri. 

The bank joins a number of others providers led by Safaricom’s together with the Commercial Bank of Africa. Banks such as KCB, Equity Bank have also launched mobile phone based platforms 

Current CBK data shows that the number of deposit accounts rose by 2.15 million in the three months to September to stand at 21.1 million.

The jump has been attributed to the introduction of M-Shwari, a mobile-phone based bank account launched last year. Its uptake has seen CBA’s deposit accounts as at September surpass five million up from 34,884 in 2011, to leave it second only to Equity Bank which hosts over seven million accounts. 

During the launch event presided over by Central Bank of Kenya Governor Prof Njuguna Ndung’u, the Family Bank boss explained that PESAMOB account holders will enjoy feature services such as MPESA money transfer, Airtime Purchase, Bill Payments, Balance Enquiry and provision of Mini Statements. 

To enjoy the PESAMOB Virtual Bank Services, Munyiri explained that potential account holders will only need to Dial *325# from their mobile phones and follow simple prompts allowing them to activate their secure personal Virtual bank accounts.