Mobile Banking advancements
Mobile banking through Mobile phones has greatly improved communication and the world has become a global banking village. Apart from improvement in communication, mobile service providers have gone a step further to ensure that their subscribers are able to transfer funds using mobile banking.
Advancement in Mobile Banking Use
Mobile banking is where one can send money through the phone and the receiver access the funds without having to go through the bank. Majority of the mobile phone companies have collaborated with Banks to enable their subscribers access money in their bank accounts through these money transfer facilities on mobile phones.
The bank customers must subscribe to Mobile banking facilities. subscribers must ensure that confidentiality is maintained. They must also avoid fraud, by use of the secret code which sent to the customer. This code is also known as the Personal Identification Number, which should only be known to the customer and should at no time be revealed to any third party.
This has been a great breakthrough for banks given that their customers can access money conveniently. They recieve Funds anytime, anywhere and not restricted by banking hours.
Mobile Banking range of services
There are a range of services which the bank’s customers and banking industry in kenya can enjoy through this collaboration
- They can inquire their bank account balances without necessarily visiting the banks premises or the Automatic teller machine (ATM). This reduces queues in the banking halls and improving on customer service.
- The customer can purchase airtime or phone credit through their accounts without having to withdraw the cash first and then purchasing the airtime saving on the time for the customer.
- The customer can sign up to be alerted by the bank anytime there is a deposit in their account, for example, salary deposit. Customers do not have to visit the bank premises to be able to budget and even make transactions.
- Bank customers do not have to carry cash which can be a great risk. They are still able to easily pay for goods or services through transfer of the money to the vendor. some of the services include Kenya Airways Tickets purchases, pay for water and electricity bills.
- The customer can transfer money from their bank accounts to their mobile accounts and access the funds.
- In recent days, some mobile service providers have teamed up with international money transfer companies like Western Union. this partnership allows people in the Diaspora to transfer money back home safely and conveniently. the Recepients of such funds are not bound by banking hours to acess these monies unless the bank is an agent of Western Union.
Mobile Banking and Government Development Policy and Planning
With the Vision 2030 in Africa and indeed the developing world, gearing up for twenty four hours economyis becoming a reality through mobile banking. Banking in Kenya has greatly been revolutionized by mobile banking with bank customers able to access of their money from the bank accounts twenty four hours a day, seven days a week.