Social media has been identified as an effective tool for expanding financial inclusion among Kenyans, especially the youth.
Equity Bank Chairman and CEO, James Mwangi, said in his office when he received the Olx Social Media Awards (SOMA) trophy after Equity Bank Kenya was voted the winner of the Financial Services Award under the Social Corporate Category (November 2015), that social networks have the potential of empowering the youth economically by enhancing their access to financial products and services.
Dr Mwangi said social media has established strong links to how people use their money and can be exploited by the banking industry to promote a savings culture and enhance access to credit.
“With increased internet penetration more people are using Facebook, Twitter, YouTube, and Instagram to research and buy products and services. Financial services offered through the various social networks have begun to take off and will enhance financial inclusion,” he said.
The theme for this year’s Awards was “Social Media and Economic Empowerment”, highlighting the need to harness the various social media networks to create employment and empower Kenyans economically. The annual Awards are used as a platform to celebrate individuals and corporate institutions which have contributed towards the improvement of lives through good use of various social media platforms.
Dr Mwangi said the bank would continue to invest heavily in a strong online communications infrastructure and human resources to manage its digital platforms.“Equity Bank is building on the links between social networks and payments to enhance customer experience by introducing new applications and services. This will boost our online presence,” he said. This story was first published in the NBM November 2015 print edition