FAMILY BANK ENTRY STIRS MOBILE BANKING

Family bank has raised the bar in mobile banking a notch a higher with a new platform that will enable its customers enjoy banking tips and financial updates on their mobile phones and around the clock.

Dubbed Pesa Pap!, the service will significantly transform the lifestyle of the banks 700,000 customers, who previously had to go to the bank’s branches or use Automatic Teller Machines (ATMs) to transact business.

Speaking during the launch, the Family Bank’s Managing Director. Peter Kinyanjui said that Pesa Pap! was a modification of Pesa Pepesha! which the bank launched a while ago.

The product he said is convenient, reliable and affordable and will help ease the way customers transact business with the bank. Apart from making banking transactions anytime, anywhere within the Safaricom network, 24 hours a day, seven days a week, Family bank customers will now get an added service of financial tips and advisories.

Mr.Kinyanjui said “In any business, access to timely reliable information is key and it’s absolutely critical that our customers are able to use this platform to enhance their decision making. Our clients are therefore not limited to conventional branch-based banking for financial advisory services.”

He added “The key differentiator between the product and other offerings in the marketing is the ability of Pesa Pap! to offer customers financial tips on request. It is the first of its kind in Kenya and it extends Family Bank’s position as a leader in financial advisory services to customers all over Kenya.”

To register, one should have an active account at Family Bank and then register for Pesa Pap! by filling a form at the nearest Family Bank branch. Once registered, the customer’s mobile phone will be activated.

Family Bank’s new offer will enable customers acquire bank balances and mini –on request statement as well as top up their M-Pesa accounts. Customers will also be able to order cheque books through their mobile phones.

The new investment in technology is part of Family Bank’s aggressive growth plan. The strategy has seen the bank record a 98.2 per percent increase in pre tax profit to sh 530.7 million for the year ending December 2009 compared to sh 267.7 million the previous year.

During the year, deposits grew by 26 per cent to stand at 7.6 billion compared to sh 6 billion the previous year. The bank’s loan portfolio saw a 43.6 per cent growth to stand at sh 5.9 billion from sh 4.1 billion, while gross income grew by 76 per cent from sh1.1 billion to sh1.95 billion.

It has 50 branches serving 700,000 customers countrywide. The bank has sh 13.1 billion in assets, sh10.1 billion in deposits and loans of sh 7.6 billion. Its core stands at sh 1.49 billion.