BANKING GOES DIGITAL

Technology has revolutionized business.    A lot of business can be conducted online, thanks to this revolution.  In USA for instance, the PayPal mobile money app allows debit and credit transfers and payment   of various services online. PayPal also has an extensive network of countries that you can send money to.  Its charges   differ from one country to another.

 OFX is also another money transfer app that allows a person to send money to other countries using various currencies. Its attribute   of live exchange rate currency converter allows the user to choose the best exchange rates on the date of transfer.  By the same token, Kenya is renowned for   the revolutionary Safaricom’s M-Pesa. Its menu of    functions (like sending, receiving and borrowing money)   has made   M-Pesa an indispensable tool among businesses and households.

Due to the Covid-19 pandemic, people have had to work from home hence the need for online and mobile phone banking. Even before the current curfew was enforced, digital banking had gained traction in Kenya   owing to its convenience   and   accessibility.  It is a milestone that has enabled commercial banks, saccos and micro financiers to effectively manage their overheads since for instance they do not have to over rely on the expensive brick and mortar delivery channel.

Among other transactions, customers can save, withdraw, transfer and borrow money using their mobile phones at the comfort of their homes, workplaces and even while on safari. Digital banking has also enhanced e-commerce whereby customers order and pay for various goods online.