Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: KCB Roll Out Agent Banking Services

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Kenya: Press Releases: KCB Roll Out Agent Banking Services

Thursday, 14 April 2011

KCB has today launched the agent banking proposition setting the pace for the provision of formal banking services at the grassroots.

Aptly named ‘KCB Mtaani’, this new development will enable the bank to reach over 9m unbanked Kenyans who have the capacity to engage in profitable banking relationships but do not have access to the formal banking infrastructure.

Speaking during the official launch ceremony held at Classic Supermarkets in Ruai in Embakasi Constituency, the KCB Group Chief Executive, Dr. Martin Oduor-Otieno, said the bank will begin to roll out agency banking services to over 500 KCB Mtaani agents across the country who are already approved by the Central Bank of Kenya (CBK) and trained by the bank.

The bank has been piloting with 30 agents over the last two months recording over 200 successful transactions and expects to recruit over 2,000 agents across the country by the end of 2011.

“Over the next few years we envisage that the KCB agency banking network will have close to 5,000 operating agents spread across Kenya to give our customers easy accessibility and enhanced convenience,” said the CEO.

KCB Mtaani is a cost-effective way for the bank to expand its reach without the necessity to invest in brick and mortar and will allow the bank to leverage on its technology platform to provide innovative banking products and services to all.

“At this initial stage, our agents will be connected to our agency banking platform through the KCB Connect and be equipped with a telephone set to facilitate deposit taking and withdrawals. All the agents need to do is to open and fund an agent float account, which is a non-interest bearing account, with KES100,000 to be able to operate,” said Dr Oduor-Otieno.

All KCB customers must be registered with KCB Connect to be able to transact at agency outlets.

KCB’s long term vision is to link its agents with its core banking system through the internet banking proposition currently in pilot phase, point of sale terminals and PDQ machines to enable them undertake such services as balance enquiries, loan repayments and requests for cheque books and account statements.

“We will continue to invent new ways of delivering our products and services in a manner that will endear the bank to its customers and agency banking is one such channel as it not only eliminates the need for customers to travel long distances for service but also makes it cheaper for them to access our products and services,” said Dr Oduor-Otieno.

The CEO said that KCB will continue to scout for partners for this service delivery channel such as dukas, bookshops and grocery stores in line with the CBK regulations to promote inclusive banking and support Kenya’s Vision 2030 objective to increase access to formal banking services in the country.

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