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The face of Kenya’s banking sector continues to change with much of the focus on reaching the un-banked population. And Kenya has recently amended the law, allowing banks to use  agents to distribute their services.  This has led to partnerships between banks and the mobile telecommunications industry to gain some of the bounty. Safaricom’s M-Pesa, used by some 10 million people, has opened the eyes of banks who have adopted the stance if you can’t beat them, you had better join them.  M-Kesho, launched by Equity Bank and Safaricom, is providing M-Pesa and Equity bank members with the opportunity to bank and obtain small loans (up to Kshs.5,000) without stepping into a bank.  Users will also have access to savings & insurance facilities. The very concept has opened the doors for banks to reach customers without having to expand costly branch networks. Mobile banking has effectively entered the territory of traditional suppliers of small loans such as micro financiers and SACCO’s.  Whilst some micro financiers have in turn  crossed over into banking. The Women’s small scale supplier of loans Kenya Women’s Finance Trust (KWFT) was granted a banking license to take deposits in April this year. The new bank announced plans to ‘operationalise’ twenty branches within the first year, presumably with the aim of creating a clear physical presence as a bank. With over 60% of the population outside of the formal banking system, ways of capturing more of this market will no doubt continue to sprout in the country.  Althea McCourt ABIS Limited

The face of Kenya’s banking sector continues to change with much of the focus on reaching the un-banked population. And Kenya has recently amended the law, allowing banks to use  agents to distribute their services. 

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