NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Monday, March 14, 2016

Kenyan banks are reaping big from innovative mobile products and strategic partnerships that are fueling acquisition of new customers and revenue streams even as technology renders some jobs redundant.

Information shared by two of Kenya’s largest banks, KCB Group and Equity Group, reveal a rapidly changing landscape in the financial services sector where technology is transforming how customers are accessing and interacting with financial products.

For instance, Equity Group Chief Executive, Dr. James Mwangi, says mobile banking transactions have increased by about 1000 percent to 151 million transactions in 2015 while agency banking went up by 35 percent to 51.3 million transactions.

Meanwhile, ATM Transactions reduced by 6 percent during the period to 30.4 million transactions.