5 Reasons to Use Mobile Money Instead of Banks in Kenya
An optimum benefit of technology is the ease it brings to life. The world has seen technology advance in many areas and industries. One such enhanced industry is banking and finance, where money has been revolutionized into different forms such as credits, airtime, liquid cash, and so on. Kenya has been one of the African countries that have enjoyed this financial revolution. M-PESA is one of the fast-wave, mobile fintech solutions happening in Kenya, and it allows you to offer financial solutions, including the transfer of cash or making payment.
Here are the top 5 reasons to use mobile money instead of banks in Kenya.
1. It is less time-consuming
It is no excuse that relying on bank offices before one can perform financial operations is a daunting task. Long queues, unpredictable time expectations, and the stress of getting the attention of a bank official in a crowded bank hall are all frustrating. Using a mobile app cuts the troubles of wasted time. Getting transactions done using mobile money is swift, requiring no need to travel to the bank, which is a strong time lapse before you get things done. With mobile banking, it is possible to perform a financial transaction at an instant, and the other party is credited. Withdrawing mobile money from ATMs is about 150% cheaper than what normal banks would charge.
2. Reduced rates
Mobile banking offers great rates than banks charge for using their platforms, which may include transfer to unregistered users and withdrawals. Some other times, the charge a bank would take from you is the cost of transportation. However, mobile platforms, such as M-PESA rates are affordable. Some of the charges are totally free in instances where banks might have charged. Although prices charged on mobile money are relative, depending on the type of transaction and destination, they are never expensive.
3. Relieves stress
The removal of worries or having to fill bank tellers before you can perform simple transactions such as sending funds to anyone is a great benefit of using mobile money to settle your business transactions. The rapid growth of businesses in Kenya makes many banks crowded than they used to be some years ago. However, with mobile banking, performing financial transactions has become simplified.
4. It is very safe
Do we need to mention how safe it is to transfer huge sums of money without having to go with cash? Mobile money is reasonably safe, and it has reduced major issues such as theft or attacks on someone carrying money, which may threaten lives. Mobile money applications and solutions invest so much in security routines to prevent bugs and leak of customers’ data. Hence, mobile money ensures the safety of its users.
5. Ease of Access
Mobile money is the perfect definition of putting control in the hands of a consumer. Consumers in charge of their finances whenever and anyhow without having to go through rigorous access means. There are no open hours nor close days for mobile banking, which makes it easier to access the funds, manage them, and trade.