Family Bank customers, and non-customers to the Bank, will now access instant loans and also set investment goals for periods between 3 to 12 months, earning attractive interest.
PesaPap, the very first full-service mobile banking application in the market, offers an incredible user interface, enhanced performance and an impeccable customer experience allowing consumers access to instant loan disbursements and repayments, as well as vanilla banking services such as funds transfer to accounts and mobile money wallets, bill payments, airtime purchase, scheduled payments, PesaLink amongst others.
“With 65 per cent of our bank transactions now via digital, up from 46 per cent in January 2016 and with an 18 per cent growth in mobile banking in 2017 compared to 9 per cent in 2016, it is our strategic intention and focus to invest more in technology and aggressively drive efficiencies through IT,” said Family Bank’s MD & CEO Dr David Thuku during the launch of the application. “We believe that the revamped PesaPap will meet the increasing demands of the modern-day consumer whilst keeping pace with emerging technology to further deepen financial inclusion,” he added.
The mobile industry has played a great role in aiding financial inclusion in the banking sector. In Sub-Saharan Africa, more than 60 per cent of individuals now have access to a mobile phone.
According to the latest report by the Communications Authority of Kenya, mobile penetration stood at 95.1 per cent as at March 2018. The demand and uptake for smartphones in Kenya has also increased significantly, seeing growth in total internet subscriptions by 8.2 per cent to record 36.1 million subscriptions during the same period.
Speaking at the event, the Chief Guest Dr. Habil Olaka, the Kenya Bankers Association (KBA) CEO said, “The mobile phone is no longer just a communication device, it is a tool for enhancing our lives. It is through the adoption of modern financial technology that the banking sector will not only improve its efficiency but also spur economic growth and help alleviate poverty.”
Customers can now register and activate PesaPap without the need to visit any physical bank branch or fill out forms. PesaPap can be accessed by dialing USSD code *325# or by downloading the PesaPap app available on Google Play Store and Apple Store.