In the intersection of finance and technology lies a revolutionary payment solution that has simplified how individuals carry out their day-to-day financial activities. Mobile banking apps have eliminated the need for manual labor to complete basic financial tasks, allowing people to save time, effort, and money. Knowing what mobile banking apps can do can be tremendously beneficial, so we have curated this list for you. Below are a few activities that can be carried out using a mobile banking app in Kenya.
- Pay/Send Money: Making payments to different vendors or bank accounts is the most obvious feature of mobile banking apps. Traditionally, making payments through checks or visiting the bank branch for money transfers was only a possible option. The traditional route demanded the time and effort of visiting a bank branch each time the payment had to be made.
Moreover, the money transfer wasn’t instantaneous, causing the recipient to wait hours to have their bank account reflect the addition. The convenience brought by mobile banking apps is also reflected in the statistics from leading institutions such as Statista, which cites that mobile banking apps were the preferred digital service in Kenya in the year 2021.
- Apply for a Personal Loan: Financial emergencies demand instant action to mitigate the adversities brought by the shortage of funds. Naturally, personal loans are a quick solution that allows individuals to regain power over their finances.
The process of requesting a loan from a bank involved heavy paperwork and verification, where the beneficiary had to be physically present in the bank branch to file a request. The time-consuming nature of this process often deterred people from availing of loans. This behavior witnessed a major change with the introduction of mobile banking apps. Applying for small personal loans now is as easy as a few taps on the phone screen, with some apps providing the feature of uploading documents electronically. This feature has caused the process to hasten, allowing people to bridge the financial gap in minutes or hours.
- Bill Payments: Whether someone is looking for a mobile topup, electricity bill payment, or any other form, it can be easily carried out using mobile banking apps. Mobile banking apps have eliminated the need for people to travel to respective agencies to pay bills. Rather, this process can now easily be carried out at home, as long as the payer has a stable internet connection and enough funds in their bank account to support the bill payment.
- Savings Kenya citizens can track: With the omnipresence of mobile banking apps in Kenya, checking financial status has become easy. Individuals can now get a report of their bank account holdings without having to travel to the bank branch to get a physical statement of their savings in their accounts book. Not only has this feature enhanced convenience, but it has also leveled up the security of banking systems in Kenya. Suppose an individual gets into the habit of periodically checking their account balance. In that case, they can easily identify and report any unusual activity to the bank, minimizing the chances of losing funds.
- Block or Enable Cards: Besides easily applying for a credit or debit card, it’s also possible to block or enable payment cards through mobile banking apps. This feature has increased the financial security for many individuals, as people can block their cards when they notice something suspicious. All this can now be done without having to visit a bank.
To sum up, mobile banking apps have played a pivotal role in increasing financial inclusion in Kenya. They have provided individuals with an opportunity to gain complete control over their finances and carry out periodic security checks to safeguard themselves against financial adversities.