FAMILY Bank has become the latest financial institution to launch a mobile phone based bank account as e-commerce continues to grow in the country. Through its Pesamob virtual bank product, the organisation said it is targeting five million new account holders on this platform within nine months.
"There are about six million active account holders which is a small number compared to the over 10 million active subscribers of mobile phone money," said Family Bank's CEO Peter Munyiri. He added that the bank wants to leverage on the fast growth and extensive reach of the mobile phone among the population to increase its customer base.
Under the new service, account holders can deposit and transfer cash using their mobile phones, withdraw from an ATM, and access loans that will be disbursed through the mobile phone account. Family Bank has partnered with Kenya Orient Insurance which will insure the mobile phones of the Pesamob account holders.