Work with us or we take over Kenya's retail banking, warns Joseph
Commercial banks in Kenya have to be dynamic to survive
Kenya commercial banks have to be dynamic to survive in the midst of advancing technology.
According to Safaricom CEO, Michael Joseph, commercial banks should adopt mobile money transfer services like M-pesa for their retail services.
“Unless banks change and adopt this technology, there will not be anything like retail banking in 10 years,” said Mr Joseph during a partnership signing ceremony between Safaricom and Barclays Bank of Kenya.
Under the partnership, Barclays account holders will be able to deposit and withdraw to and from their M-pesa accounts.
The M-pesa agents who bank there will also be able to purchase e-float for their daily operations.
This is the eighth bank to partner with M-pesa either as an agent or a super agent, denoting the growing co-operation between the mobile money services and mainstream banks.
Mr Joseph says there are many opportunities for banks to partner with the money transfer service to enhance their service offerings and widen their reach.