Telecommunication companies in Kenya offering financial services will not be stopped but will instead get support from Central Bank of Kenya (CBK).
According to media reports from Nairobi, CBK has urged commercial banks to partner with these companies in providing the services as they are unsuring efficient services delivery of banking services.
Zain launched Sokotele and Safaricom introduced M-pesa money transfer services for their clients.
The East African Standard reported yesterday that in its latest annual report on Bank Supervision dated last year, the regulator says banking institutions need to use opportunities arising from developments in the ICT sector in to remain competitive.
The bank says successful financial institutions in the future would be those able to exploit the ICT revolution.
“In such arrangements, banking institutions will partner with telecommunication companies, supermarket chains, petrol stations, etc. in providing financial services,” says CBK Governor, Njuguna Ndung’u in the report, which reviews banking services annually.
CBK says the rapid advancement in ICT networking has offered a wide range of delivery channels in retail banking
