Family Bank customers and non-customers will now access instant loans and also set investment goals for periods between 3 to 12 months, earning attractive interest thanks to a revamped PesaPap. With the bank’s bosses referring to the upgraded app simply as Pesa bila stress, the full-service mobile banking application also allows consumers access to instant loan disbursements and repayments, as well as vanilla banking services such as funds transfer to accounts and mobile money wallets, bill payments, airtime purchase, scheduled payments, PesaLink, amongst others.
During the launch of the fresh application in August, Family Bank’s managing director and CEO Dr David Thuku said that the revamped banking app will meet the increasing demands of the modern-day consumer whilst keeping pace with emerging technology to further deepen financial inclusion.
Customers can register and activate PesaPap without the need to visit any physical bank branch or fill out forms. One can access the service by dialing USSD code *325# or by downloading the PesaPap app available on Google Play Store and Apple Store.
“With 65% of our bank transactions now via digital, up from 46% in January 2016 and with an 18% growth in mobile banking in 2017 compared to 9% in 2016, it is our strategic intention and focus to invest more in technology and aggressively drive efficiencies through IT,” said Thuku.
According to FSD Kenya, over 6 million Kenyans have gained access to technology that can deliver micro-loans within seconds and build credit history that can give them access to higher and cheaper loans in the future. At the same time, the latest report by the Communications Authority of Kenya shows that mobile penetration stood at 95% as at March 2018. The total internet subscriptions grew by 8.2% to record 36.1 million subscriptions during the same period a time when the mobile phone is no longer just a communication device but a tool for enhancing lives.
The demand and uptake for smartphones in Kenya has increased significantly, an indication that through the adoption of modern financial technology, the banking sector will not only improve its efficiency but also spur economic growth and help alleviate poverty.
