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Safaricom gives Kes 5M Boosts Towards Afro-Asia Fintech Festival

Safaricom has announced a KES 5 Million sponsorship towards the inaugural Afro-Asia FinTech Festival 2019- ‘Fintech in the Savannah’ which will be co-hosted by the Central Bank of Kenya (CBK) and Monetary Authority of Singapore (MAS).

The two day festival themed “Sustainable Finance; Inclusive and green” will be held at the Kenya school of Monetary studies on 15th and 16th July 2019. This will be the first of its kind in the region and will provide a platform for connections, collaborations and exchange of ideas between Africa and Asia and also seek to explore sustainable financial services innovations from emerging Afro-Asian Markets.

The festival is a great platform for us as it presents opportunities to showcase the progress that Safaricom has made over the years towards financial technology as well as interact with peers in FinTech across the globe,” said Sitoyo Lopokoiyit, Chief Financial Services Officer, Safaricom.

Two years ago, we opened up our Daraja API portal giving over 16,000 developers an opportunity to integrate their businesses with M-PESA seamlessly. This is in line with our strategy to deepen financial inclusion and give developers a chance to come up with new innovations,” said Sitoyo.

We are indeed delighted to host such a unique event which shows where we are as an African country in the spectrum of Fintech, we are at the front. We are the pacesetters and we are not just excited about technology but the difference it is making for millions of people in Africa and billions around the world,” said Dr. Patrick Njoroge, Governor, Central Bank of Kenya.

The event which seeks to bring together over 5,000 participants, policy makers, industry leaders, entrepreneurs, innovators and researchers across the world is modelled after the Singapore FinTech Festival. It will provide a platform for players to exchange ideas, forge partnerships and nurture thriving Fintech ecosystems.

Some of the topics that will be discussed include Artificial Intelligence, Big Data, Cyber Security, Technology risks, Social impacts (SME Financing, financial literacy and inclusion, Sustainable finance and spirit of innovation among other key areas in Fintech.

Kenya is one of the African countries that has grown significantly in technology and is seen as a lucrative market for FinTechs. Last year, two Kenyan companies Cellulant, and Tala emerged among the Top 50 emerging Fintech companies in the world in the KPMG FinTech100 report.

The Central Bank of Kenya Governor announced the unveiling of the New Generation Banknotes. Old generation one-thousand shilling banknotes will need to be exchanged by October 1, 2019, after which they cease to be legal tender.

After taking into account views received from the public, CBK adopted concepts to symbolise the drivers of a prosperous Kenya.

The front of the banknotes bear the image of Kenyatta International Conference Centre, one of the most iconic and recognisable landmarks in our country. A dove is also shown to symbolise a peaceful Kenya.

The images on the back of the banknotes symbolise green energy, agriculture, social services, tourism, and governance. The designs are also more accessible to visually impaired persons.

These banknotes will circulate alongside those previously issued and not withdrawn.

Here’s how to identify the notes.

  1. When you run your fingers over the genuine note, you should and can feel the word Kenya and the Value of the currency
  2. When you run your fingers again along the edge over the genuine note, u should feel the number of bars in tandem with the value of the currency as follows:
    a. KES 50 –    1 bar
    b. KES100 –  2 bars
    c. KES 200 – 3 bars
    d. KES 500 – 4 bars
    e. KES 1000-5 bars
  3. When you hold your genuine note to the light and from both sides, you should see the watermarks of a perfect lion’s head, text CBK and the value of the banknote
  4. Security thread of a genuine banknote appears as a continuous line.
  5. If you tilt your bank note at an angle , the security thread changes from Red to Green.
  6. For KES 200, 500, 1000 there is an additional Rainbow color.

View the New Generation Banknotes Pamphlet here.

 

Mobile Banking Apps to Manage your Finances

Banking and finance apps are one of the most sought after pieces of innovation in Kenya aiming to serve millions of citizens who are banked with a possibility of luring the unbanked to diverse product offerings.

While innovation and creativity in the Kenyan banking industry has been limited to SMS banking for a while, accredited finance institutions are quickly targeting native mobile application users more on the Android platform than any other mobile operating system.

We have come up with a list of the available apps on various platforms prominent among them being the Google Play Store.

This banking apps at the least will ease your hassle and reduce the time you have to spend in queues in various banking halls.

Barclays Bank of Kenya

Barclays-Bank-Kenya-mobile-banking-appAlong with its Internet Banking service, the Barclays Bank of Kenya is among the banks in Kenya to have a complimentary mobile application launched in June 2013 that serves both personal and business clients. The application is available on the android platform for versions above 2.2. So far between 5,000 to 10,000 clients are using the application.

You can download Barclays Bank of Kenya app from the Google Play Store here.

 

Ecobank Kenya

Ecobank-Kenya-mobile-banking-app Like most banking applications in Kenya, the Ecobank mobile banking allows its banking clients to top up their mobile phones with airtime from major mobile operators such as Safaricom and Airtel. Internet and External fund transfers are on the go which cuts down on the effort to meet the bankers in person. Available on the android platform for versions above 2.2, the app has between 1,000 to 5,000 users.

You can download from the Google Play Store here.

 

Equity Bank of Kenya (Eazzy 247)

equity-bank-kenya-mobile-banking-appBeing among Kenya’s most profitable banks, Equity Bank has a mobile banking application dubbed Eazzy 247 that opens up an opportunity for its clients to access their account financials including statements as well as pay bills such as electricity, water, HELB, DSTV bills and others. The app is available on the Google play store with downloads between 10,000 – 50,000. You can download from the Google Play Store here.

The application is also complimented by unofficial apps such as the Equity Direct Mobile which is a money remittance service serving the Kenya community and a less popular Equity Virtual Banking which features ATM locations among other features.

 

Family Bank (Pesa Pap)

family-bank-kenya-mobile-banking-appFamily Bank is a financial organization that is built around the idea of family and is popular with social groups and communities. Their laid back mobile application developed by Craft Silicon is efficient for servicing utility bills from various service providers in Kenya. The application is available on the android platform for versions above 1.6. You can download from the Google Play Store here.

 

NIC Bank Kenya

NIC-Bank-Kenya-mobile-banking-appThe NIC Bank is not left out when it comes to serving up its clients with the latest innovation. Though basic, the mobile banking application offers everything a banking client is looking for including online merchants and mobile money options. The application is available on the android platform for versions above 1.6.

You can download from the Google Play Store here.

 

Kenya Commercial Bank (KCB)

kenya-commercial-bank-kcb-mobile-banking-appThough not hosted on the play or app store, KCB’s mobile application can be download on their website offering the ability for users to send money to their mobile money accounts such as M-Pesa, check their balance as well as transfer funds. The application compliments the USSD service accessible via *544# on Safaricom Lines.

You can download from their website here.

 

Chase Bank Kenya (Mfukoni)

chase-bank-kenya-limited-mobile-banking-appThe bank has an attractive mobile banking app known as mfukoni which translate in English from Swahili as ‘In the Pocket’. Othe than, the application has an attractive interface and goes beyond that to provide service beyond the usual mobile application. Mfukoni also provides access to services such as insurance and unit trusts that are a product offering by the modern financial institution. You can download from the Google Play Store here.

The have a separate application for tablet devices available for versions 3.1 and up.

Banking will remain a core primary service but sure, banking as we know it will continue to evolve decade after decade.

Leave a comment and don’t mind pointing us to any apps that might have been missed.