Nairobi, Kenya: Family Bank has announced it is set to become a super agent for telecoms  company Safaricom, for its money transfer service, M-PESA.This comes after the company  announced it had collaborated with Kenswitch to roll out a new service that allows customers to transfer money from their bank accounts to their mobile phones.

Dubbed Chapaa chap chap, it allows Family Bank ATM cardholders and customers on the  Kenswitch network to

 be able send money to their registered Safaricom M-PESA lines using Kenswitch’s ATM infrastructure.

Speaking during the launch, Kenswitch General Manager George Wainaina says the joint venture  was driven by the need for efficiency, security and convenience when sending and withdrawing their money.

“The service eliminates the three-step process of withdrawing money from an ATM, then  looking for an agent to deposit the money into your M-PESA account then transferring the  money to the recipient,” he says. Family Bank Chief Executive Peter Kinyanjui believes the service would revolutionise the whole aspect of banking in Kenya by creating channels that offer customers increased convenience.

“Chapaa chap chap is a first step in improving the face of banking as it not only allows  Family Bank customers but also allows participating Kenswitch member bank customers whether  registered to M-PESA or not to transfer funds from their bank accounts to M-PESA registered accounts via the ATM channel,” he says.

The new service, ‘Chapaa chap chap’ is an innovative product which offers customers a unique  way of improving the quality and reliability of ATM-based money transfer service. Mr Kinyanjui says the increased uptake of mobile transactions and mobile banking is defining the future trend of doing business calling for secure, affordable and convenient money services across the board.

“Mobile phones are the future drivers of the economy and Chapaa chap chap is an irresistible  option; an innovative solution that adds a new experience in sending money.” The service is set to eliminate float issues as one will not have to split high valued transactions as the money will be covered by the bank.

“The constant problems of float coupled with non standard service offered by agents has  provided an opportunity for Family Bank to meet customer needs more conveniently safely and innovatively,” Mr Kinyanjui says.

The product is currently limited to Family Bank but Mr Wainaina says Kenswitch would be looking to expand the service to the rest of its ATM network and eventually port the product to other distribution channels.

“This will allow cardholders the choice of the platform that provides them the most  convenience,” he says. The service charge is Sh50 above normal ATM charges. With over 650  ATMs spread across the region, Family Bank and Kenswitch customers will be able to do money transfer from anywhere in the country and the region.

 

 

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