Kenya: Bank of Africa, Safaricom roll out M-Chama mobile banking

Monday 9 December 2013 09:51 CET | News

African financial institution the Bank of Africa (BOA) has entered a partnership with Kenyan mobile network operator Safaricom to roll out a mobile banking service for investment groups, allowing members to use their mobile devices to carry out money transactions.

With M-Chama, members of the groups are set to be able to make deposits into the group’s joint account using M-Pesa, after which an SMS alert is set to be sent out to other members for verification.

The platform is also set to allow for members to request loans from their group’s account with the funds being sent to their accounts on M-Pesa after approval by signatories. The new mobile banking service is also set to allow signatories of the investment groups to check for balance.

M-Chama is an additional service to the bank’s mobile banking platform dubbed B-Mobile.

In recent news, Safaricom has launched a mobile wallet dubbed Lipa Na M-Pesa that enables consumers to pay for goods and services using mobile money without incurring transaction charges.

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Keywords: Bank of Africa, Safaricom, M-Chama, M-Pesa, mobile banking, B-Mobile
Categories: Payments & Commerce
Countries: World
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