Mobile banking has exploded in Africa and especially in Kenya since the launch of M-Pesa in 2007. In 2014, Safaricom, the telco who owns M-Pesa reported 20 million subscribers. Initially launched for payments/transfer, mobile banking in Kenya has grown to offer saving, loans, wages payment from a mobile device and is becoming mainstream banking. Recently, banks have started to offer mobile banking services as well. Last July, Equity bank launched Equitel, a rival service to M-Pesa.
KASI Insight conducted a Mobile Banking Habits Study: an online survey conducted in Kenya and Ghana on consumer behavior and attitudes toward financial services offered by banks and telcos. Over 1800 respondents ages 18-55 participated in the survey, sharing their feelings about preferred mobile money services, banking and mobile banking usage and the pro/cons of each financial service channel.
Kenya is a leader in mobile banking
Kenya is leading the digital banking and the convergence between banking and mobile money.
Consumers usage of their bank or mobile accounts is deep in Ghana and Kenya with most people using more than 3 features.
Most consumers find financial products easy to understand even for the relatively new mobile banking offerings.
Telco and bank convergence is real
Where mobile banking is widespread, the telco and bank convergence is real.
Surprisingly in Kenya, consumers agree that telecoms (via their mobile banking offering) are now the best channel to get financial products / services.
Affordable and convenient
Respondents in both countries find financial products offered by telcos to be affordable & convenient. Security of the mobile banking is a bigger concern in Ghana.
Mobile providers are now the best way to deliver financial services in Kenya. Will the lead widen or narrow?
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