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National Bank Bets Big On Mobile Banking Services To Spur Growth

    October 20, 2017   No comments
National Bank of Kenya banking app
NatMobile app @National_Bank

National Bank of Kenya (NBK) is revamping its mobile banking services as it seeks to expand its retail banking business, the Bank's Managing Director Wilfred Musau has said.

Effectively, the Bank has upgraded its mobile banking capabilities to include new service offerings backed by enhanced safety.



The app, NatMobile, now allows users to conveniently access an array of services via their mobile phones as it opens new opportunities for the bank to grow new revenue streams by deepening its digital banking offerings.


"Our customers want efficient and convenient ways to bank at their fingertips. With this app, we can more easily offer our customers the banking products and services they need to help them reach their financial goals and at the same time offers the Bank the opportunity to grow revenue streams," National Bank Chief Executive Officer and Managing Director Wilfred Musau said.



The new mobile banking platform can be accessed through the Bank's USSD code *625# or the mobile app. All transactions are authenticated by an OTP (One Time Pin) validation through customers' registered phone numbers.



The services available on the new NatMobile includes account to account & account to mobile transfers, Mvisa, Pesalink, forex rate information, statement requests and applications for cheque books and cards. Other services available are school fees payments, Credit Card statements, NHIF contributions, and Kenya power utility payments.



The bank is also working to expand its mobile banking offering to include the mobile lending service to enable customers' access financial facilities easily. It also provides additional widgets like Currency converter and loan calculator.


Part of digital transformation




The move to revamp the mobile banking offerings is part of the Bank's digital transformation agenda which is expected to help the Bank leverage on technology to improve customer experience via self-services, improve efficiency in processing customer transactions, control cost, manage operational and market risk as well as adopt best practices in organizational performance.


"National Bank continues to embrace innovation while driving a digital bank agenda as a way of increasing efficiency in service delivery and driving financial inclusion. Our goal is to become the go-to digital bank and we are therefore excited over our unique mobile banking solutions, which offer versatility to our customers," he said.



Over half of the Bank's customers have already registered to use the NatMobile Banking platform and do an average of 6000 transactions per day.

Branch To Increase Loan Limit For Employed

    October 13, 2017   No comments
Branch loan app giver


Branch International Ltd (@branch_co) ,the microfinancier has now started to ask for additional information from its clients who are salaried in a move to increase their lower loan limit to a high of Kes15000.

Currently the programme is under test and its for 'invites only' before being rolled out to all soon.Invitees are asked to provide information about their employment.Check my invitation email below;

Would you like to upgrade your current loan limit to KSh15,000?


Hello Mwabaya. We are trialling a new programme exclusively available to salaried employees and you have been selected to join!

If you are formally employed, you may qualify to upgrade your Branch loan limit to KSh15,000 straight away. All you have to do is click on the link or green button below and send us your most recent payslip.

If you have any questions feel free to reply to this e-mail or write in on the Branch app
.

More about the upgrade.

  • The upgrade is for branch clients who are employed and have payslips.
  • Clients who will be upgraded will still have room to take lower loan amounts below kes15000 at will.
  • Loan terms like interest rate and repayment periods remain the same.
  • Upgraded clients will still use the branch loan app to access loans.

HFC Launches Online Banking

    September 21, 2017   No comments
HFC launches online banking


Nairobi: September 21, 2017: HFC - the banking subsidiary of HF Group - has launched an innovative Online Banking platform as part of its full service banking strategy and aims to enhance customer experience.



"The new online banking platform is part of our full service banking strategy and aims to give customers increased accessibility and convenience in their financial transactions. This solution comes on the back of the new core banking system, allows us to provide our customers with relevant digital platforms to ease their financial transactions. " said HFC Managing Director Sam Waweru.


HFC has taken steps to secure the platform with the implementation of a multi-tiered security architecture and a 24/7 transaction monitoring capability that is meant to take immediate action on any suspicious activity. This holistic approach is advised by international security standards and best practise.



The new banking platform will provide customers with to the ability to view their accounts

at a glance across various devices and make  transactions such as bulk payments and funds transfers remotely, significantly enhancing customers' banking experience.


HFC is the mortgage lending and banking subsidiary of HF Group (not Housing Finance Group) - an integrated financial services provider with interest in real estate development, mortgage, banking and insurance.
HFC is currently pursuing a growth strategy that includes customer recruitment, deposit mobilization and branch expansion with the aim of becoming a top tier bank by 2020.

Alternative Circle In Finals At The 2017 Global Fintech Hackcelerator Awards In Singapore

    September 19, 2017   No comments
Kevin Mutiso is the CEO of Alternative Circle
Kevin Mutiso,CEO Alternative Circle
Alternative Circle is the same company behind the latest loan app in Kenya dubbed Shika loan App.

Alternative Circle, an innovations company has joined the list of the 20 finalists in this year's Fintech Hackcelerator and Fintech Awards in Singapore becoming the only one from African continent.

The tech company was one of the 580 companies from over 40 countries to make submissions after the Monetary Authority of Singapore (MAS) invited for solutions to 100 problems faced in the financial industry in May.

Fintech Awards Categories And Finalists

The problems which needed new innovative solutions were put into four categories by MAS and the following companies made it to the final 20 ;

Customer Facing


  • ERNIT (Denmark)
  • Moxtra (India)
  • PayKey (Israel)
  • Smartfolios (Singapore)
  • SnapCheck Inc (USA)

Financial Inclusion

  • AID:Tech (UK)
  • Alternative Circle (Kenya)
  • ConfirmU (Israel)
  • ftcash (India)
  • MyCasIrelandine (Malaysia)

RegTech

  • Apiax (Switzerland)
  • Dathena Science (Singapore)
  • Solus Connect (Malaysia)
  • Trunomi (USA)
  • VoxSmart (UK)

General

  • Kyckr (Ireland)
  • Lingua Custodia (France)
  • Roameeo (Australia)
  • SQREEM (Singapore)
  • PrivÄ“ Services (Hong Kong)
Alternative Circle in preparation for the finals will undergo a 12 week program led by KPMG Digital village from where the tech company will have an opportunity to work and meet investors, partners and even market regulators.

Fintech Awards Package

The twenty finalists will bag home US$15000 (approx KES 15m) each while the winners will carry home an extra US$50000 (approx KES50m) during the Fintech Finals Festival happening between 13th and 17th November, 2017.

Stanchart To Upgrade IT Infrastructure, Announces Branch Closure

    September 13, 2017   No comments
Standard chartered bank of Kenya is set for an IT infrastructure upgrade

Standard Chartered (SC) Bank of Kenya will be upgrading it's IT Infrastructure this weekend running from Saturday 16th to Sunday 17th September 2017.

Customers are therefore urged to plan early as most of the services will not be available during the upgrading period.


Affected Services

Refer to the photo above;

All branches will be closed on Saturday 16th and Sunday 17th but will open doors on Monday 18th September.

ATMs Debit&Credit Card services will be available as from 8am to 3:59pm on Saturday. The same will be unavailable from 4pm to 7pm after which the services will be available again.

Mobile and Online Banking, Straight2bank money transfer service will be available from 5pm on Saturday.

On Sunday 17th September, all services will be available except bank branches which will open on Monday.

SC Bank is taking the move to serve it's customers better.

Alternative Circle To Sponsor 100 Varsity Students By 2025

    September 13, 2017   No comments
Recent scholarship beneficiaries from Alternative Circle
Recent Beneficiaries: Yolander Olukoba(left) and Barry Mitoko(centre).
Alternative Circle is in a mission to sponsor up to 100 Riara University Students by 2025 in a move to support innovations.

The company which recently launched Shika Loan App has already picked two among 20 applicants from the university who participated last year.

Qualifications

To participate one must be :

  • A student at Riara University
  • Good in Academics and Leadership Skills
  • A good thinker
  • Pursuing a business related course or IT


The Sponsorship Package

Beneficiaries will ;
  • Have their university fees fully paid for
  • Have a one year work contact with Alternative Circle.

National Bank To Upgrade Core Banking System, Announces Branch Closure

    September 07, 2017   No comments

CEO&MD National Bank of Kenya Mr.Wilfred Musau
@National_Bank MD Wilfred Musau

National Bank to upgrade core banking system,  announces branch closure

 September 7, 2017: National Bank of Kenya (NBK) is set to carry out a core banking  system changeover on Saturday, 9th September 2017.

 The Bank is upgrading its core banking system to Fusion Banking Essence [FBE], the fifth and latest version of BankFusion Universal Banking (BFUB) system provided by Finastra Limited, a diversified global financial software provider that was created out of the merger between Misys International & D+H.  Its integrated suite of components spans core processing, product factory, analytics, digital channels and branch applications.

Effectively, all the National Bank branches across the country will remain closed for the upgrade. However, all the Bank's alternate channels including its mobile platform NatMobile, ATMS, National Agents and Merchant Outlets will be available for service.

Commenting on the upgrade, National Bank Managing Director and Chief  Executive Officer, Mr. Wilfred Musau said the upgrade will enhance the technology platform in line with the bank's focus to improve customer experience and provide a wider range of product offering.

 "The Core Banking System upgrade will enable the bank to further increase its operational efficiencies and improve its compliance and risk management functionalities. It will also provide the Bank an advanced banking platform to position itself for enhanced digital banking services for the customers," added Musau.

The new outfit is expected to offer enhanced performance, flexibility and real-time interfaces.

"Fusion Banking Essence also offers an Islamic Banking module that is seamlessly integrated to the core banking system while at the same time adhering to Shariah compliant practices." Musau concluded.

Shika Loan App

    August 29, 2017   No comments
Shika loan app
Shika Loan App @shika_app
Shika loan app serves as the platform from which borrowers can access quick loans from Alternative Circle.

I normally test loan apps before recommending to Kenyans and i did exactly that to this app.Infact together with other 4999 Kenyans, I was given an exclusive chance to test this new kid on the bloc on Monday 28th August.

Read the full Shika app preview release story.

So yes,Shika gives out money.Check this message;

LHS61Axxxx Confirmed.You have received Kshxxxx.00 from SHIKA 811645 on 28/8/17 at 8:54 PM New M-PESA balance is Kshxxxx.00.  Buy goods with M-PESA.

Don't worry with the hidden values represented by xxxx.Its just for financial privacy purposes.

Shika loan features

  • The app is currently available to android system mobile phone users in kenya.
  • Only safaricom subscribers (those with safaricom simcards) can use the service at the moment.
  • Loan limits range between kes500 to kes 20000
  • Loans approved are disbursed to MPesa within 3 minutes (180seconds).
  • Loans are charged a flat facitation fee of 15% (percent) the amount approved.
  • Maximum repayment period is one month. However one can choose to pay daily, weekly or after 30 days.
  • Late repayment attract 10% rollover fee on top of the amount owed.
  • Delaying to repay for more than 60 days will lead to listing with the CRB as a defaulter.

Getting started with Shika loan app

  • Go to play store and download the Shika app 
  • Instal the app into you mobile phone device
  • Sign up with your safaricom mobile phone number and your national ID number
  • Create your Shika PIN

How to apply for Shika loan

  • Log in to your Shika account using your registered mobile phone number and your Shika PIN
  • Select 'Request loan'
  • Enter the amount you wish to borrow.(Hint;Never exceed the loan limit provided for you below)
  • Select 'confirm'

How to repay Shika loan

  • Login to your Shika account
  • Select 'Repay loan'
  • Select 'COPY' button (you'll be redirected to your safaricom sim toolkit)
  1. Select Mpesa
  2. Select Lipa Na Mpesa
  3. Enter business no;(Here paste or write Shika Paybill number 811655)
  4. Account no; (Here enter your registered safaricom number)
  5. Enter amount;(Here enter the loan amount you're supposed to pay)
  6. Enter PIN
  7. Submit
Note; If you know the Paybill number ,you can skip the other initial steps and start ahead from step number 1 (that is ,going to mpesa directly ) and proceed to pay.

How to Contact Shika help team

You can always reach the Shika loan officers for help through the following contacts;

  • Visit 4th Floor,Interswitch Offices,Orbit Place,Chiromo Lane,Westlands,Nairobi.
  • Call or SMS to 0742143999
  • Email to: Care@shika-app.com

Shika Loan App Preview Released

    August 29, 2017   No comments
Shika loan app kenya
@shika_app Preview Released

As promised the Shika Team delivered! I did a post that Shika will be giving exclusive access to its app to 5000 chosen Kenyans (me included) on 28th August 2017 for testing and yes it happened.

I got email at around at around 5pm on that day with a download link. I did what I was supposed to do ,but first you need to check the communication I got from Shika below;

Download Shika App Here;


** Hey Shika Family!
------------------------------------------------------------
As promised, we are giving you priority access to the EXCLUSIVE preview test for Shika and be among the first to experience what SHIKA has to offer.

Enjoy FAST, EASY, TRANSPARENT and FLEXIBLE loans sent to your mobile phone in less than 180 seconds!

The app is still in the testing stages so you might encounter some errors as you use the app. Take part in making the Shika experience better by giving us your feedback.

You can download the App HERE (Shika loan app)

Shika-App is currently only available to Safaricom Mpesa registered users.

We welcome all your feedback. Contact us in case of any inquiries or if you need assistance

Note that I removed the download lion because it was specifically for me.Also I had to cut the contacts part of the communication because that's another post.

Now what's next?I'll be sharing my Shika experience soon here on Loans Kenya.

SCB To Give Kes10bn as Unsecured Loans

    August 29, 2017   No comments
SCB bank Kenya

Standard Chartered Bank (SCB) Kenya is set to give out unsecured loans amounting to a total of Kes10billion within the last quarter of the year.

The lender which happened to be the first to introduce video banking in Kenya will be availing the loans to qualified borrowers within a period of 45days from now closing on October 11.

The Unsecured Loans Details


  • The loans are available to salaried individuals only.
  • A single borrower can apply for up to kes7million 
  • Successful applicants will enjoy a month of grace period before regular deductions commence.
  • Repayment can be done within up to 72months (6years)
The lender's Boss Lamin Majang stated that the confidence to take risks by offering high amounts unsecred loans came after a thorough research on the same among their customers.

Source;BD