KCB cuts branch opening hours in digital banking push
Kenya Commercial Bank (KCB) is set to reduce its opening hours in some of its branches in the next two weeks, in a move aimed at cutting costs by pushing more customers to its digital banking platform. The branches (Gigiri, Kimathi, Lavington, Moi Avenue, Prestige Plaza, Village Market and Treasury Square) will from April 3, be operating between 8:30am to 4pm Monday to Friday and from 8:30am to 12pm on Saturday and remain closed Sundays and on public holidays. Read more (Source: Business Daily)
The bank has been making significant changes to digitize transactions to other platforms from the usual brick and mortar. In FY17, the bank had 87.0% of transactions conducted on alternative channels and is seeking to drive transactions from banking halls even further. The bank is also developing a new mobile banking app with better transactions capacity to be released later in the year to support this increase.
Barclays goes mobile to boost growth
The battle for Kenya’s lucrative Small and Medium Enterprises (SMEs) sector is set heighten further following Barclays Bank’s launch of a mobile app. Dubbed Timiza, the new platform will enable individuals and SME’s to access funding of up-to KES 150,000 at an interest rate of 6.1% with no collateral requirement. Read more (Source: Citizen)
Barclays’ newly launched Timiza app is geared towards provision of cheap, reliable and accessible loans to its clientele. In addition, the app is expected to create efficiency enabling the lender to serve a wider customer base (up to 5M customers in the next 5 years), consequently boosting its top line in the medium to long term.