Just the other day, I was thinking to myself: do I really have to go to the bank? I really dislike going to the bank, especially inefficient banks like mine. And that’s, really, been everyone’s complaint against KCB over the years: it is very inefficient. Or it was.
In a surprisingly innovative move, KCB recently announced that they will be launching the “mobile wallet” next year. While Zain’s ZAP is posing a commendable challenge to MPESA, I think the mobile wallet is what will really challenge MPESA. It looks to be a game-changing service for at least the following reasons:
- KCB is a large bank, by all means. This means it has considerable leverage and, possibly, experience to make this product a smashing success.
- The mobile wallet will not only work for KCB account holders, it will work for anyone who has a mobile phone in Kenya. Thus, the potential reach is quite large.
- KCB are going to build an interface to the already popular MPESA for the mobile wallet. This is a notable case of cooperation that may well fasttracks the rise of the mobile wallet’s popularity.
I am very much looking forward to the mobile wallet. One impact of MPESA has been making ‘banking’ services available to all and sundry. I am excited to think of how many more people can be reached by the mobile wallet. Good job, KCB.