Mobile money solutions in Kenya has given the country a source of national pride and global profile, which can only be matched by the successes of its long-distance runners.
Mobile banking service has revolutionized the way Kenyans conduct transactions.
Citizens do not have to stand in long queues at banking halls to transfer money,
businesses can now operate more effectively since business people don’t need to walk around without a lot of cash.
More so, urban dwellers no longer need to make overnight trips to their rural homes to pay their children’s school fees or meet other obligations.
Keep reading this article to find out the banks with the best mobile banking services in Kenya.
What is Mobile Banking
Mobile banking is a service provided by a bank or other financial institution which allows its clients or customers to conduct financial transactions remotely.
With the help of a mobile, Banking user can transfer funds, and pay bills, check account balance, study recent transactions, block ATM card, etc.
It is available for 24 hours and is an easy and convenient mode for many people.
Mobile Banking is cost-effective, and banks offer this service at less cost to the customers.
List of best mobile banking apps in Kenya
Here is a list of some of the popular mobile banking services in Kenya (in no particular order).
1. KCB app
The Kenya Commercial Bank has the KCB app which is available in both Kenya and Rwanda.
The application boasts of solid encryption that safeguards the customers’ details, as users are required to submit their password before any transaction can be authenticated.
Users can also block stolen or lost debit or credit cards through this app.
Users of this bank app can carry out transactions from paying utilities, transferring funds across accounts and making e-commerce transactions, utility payments such as Water & Electricity payments.
2. Cooperative Bank (MCo-op Cash)
Cooperative Bank has an app called MCo-op Cash.
MCo-op Cash enables you to access your Co-op Bank accounts on a mobile phone platform.
With this app you can do the following;
Deposit or save money
Apply and pay for a loan
Send money to another MCo-op Cash account
Send money to other mobile money services, eg M-PESA
Withdraw money at a Co-op Agent or Co-op ATM
Buy airtime for any mobile number
Pay bills like KPLC, DStv, KRA Tax and Insurance to name just a few.
3. Equity Bank (Eazzy Banking app)
Equity’s Eazzy Banking app has been of great help to Equity customers since it’s inception.
With this app, you can do the following:
Deposit or withdraw cash
Send money to another Eazzy Banking app account
Withdraw money from an Eazzy agent
Buy airtime and even pay bills
4. Barclays Bank (Barclays Mobile App)
Barclays is one of the many banks in Kenya that have a complimentary mobile application which they launched almost 4 years ago.
It serves both personal and business clients all over the country. This application is available on the Google play store and it has over 50,000 downloads.
This app is both secure and convenient and offers a variety of services to its clients.
5. IBM Bank (Mfukoni App)
IBM Bank’s mobile banking app called Mfukoni is available from App stores like; IOS, Blackberry OS and Android ones as well as USSD.
IBM Bank customers using phones that are not data-enabled can access the mobile banking services by dialling *275# and then follow the necessary steps.
IBM Bank customers with this app don’t need to queue to pay their utility bills, cheque deposit, tax payments, and open normal accounts among other banking transactions. They can easily do this at the comfort of their homes.
6. Family Bank (Pesa Pap)
Family Bank’s mobile banking platform is called Pesa Pap.
Pesa Pap enables its customers to transact at the comfort of their mobile phones through this application and through a USSD short code *325#.
With this app, you can do the following:
Users can check Balances on both account and loans,
Request for mini or full statements, chequebooks, debit card and loan application,
Transfer funds to own account and other banks,
Pay utility bills-DSTV, GOtv, ZUKU, KPLC, KRA tax, JTL, NCC
Purchase airtime from any provider to name just a few.
7. NIC Bank Kenya (NIC NOW App)
NIC Bank’s NIC NOW app is basic but it offers just everything a banking client may look for in a mobile banking app.
It has over 10,000 downloads on the Google Play store.
Most of the basic services such as opening online accounts, online cheques deposits, balance enquiry and funds transfer in real-time are available on this app.
8. Ecobank Kenya
Ecobank’s app, Ecobank Mobile Banking integrates many functions, including Masterpass QR, a mobile payment solution designed and operated in partnership with MasterCard to the phone.
The mobile app enables customers to send and receive money instantly and open digital accounts, transact conveniently, check balances, pay utility bills among many others.
9. National Bank (Natmobile App)
You may have seen this commercial on your screens, the NatMobile one. Natmobile is National bank’s mobile banking app.
Customers who have mobile phones but with no internet connection can use this USSD Code *625#.
Services available on NatMobile include purchasing airtime, opening an account remotely, balance inquiry, funds transfer, utility payments, mVisa mini-Statement, Pesalink, deposit funds, loan statement, request for a statement
10. CFC Stanbic Bank
CFC mobile banking app provides an easy, fast, convenient and secure way of accessing your bank every day, every time.
With this app, you can transfer money easily from your account to M-PESA and vice versa, transfer funds between your Stanbic Bank accounts, pay utility bills, request a salary advance easily and conveniently from your mobile phone, check your account balance, statements and request for a chequebook, easily and conveniently top up your mobile phone and so on.
Disadvantages of mobile banking
Mobile banking is not available on all mobile phone.
Sometimes, it requires you to install apps on your phone to use the mobile banking feature, which is available on the high-end smartphone.
If the customer does not have a smartphone, then the use of mobile banking becomes limited.
Regular use of mobile banking may lead to extra charges levied by the bank for providing the service.
Mobile banking users are at risk of getting fake SMS messages and scams.
The loss of a mobile customer device often means that criminals can gain access to your mobile banking PIN and other sensitive information.
Steps to improve safety when banking with mobile
One needs to be careful and not share their phone password.
It is believed that the bulk of the banking frauds take place through known relatives. So be careful when you share your mobile banking password.
Make sure that you do not open a link through your email that is unknown. By doing so, you are making yourself more vulnerable to mobile banking frauds.
Also, do not access your mobile banking from a wi-fi spot. This can be extremely dangerous. If you have your own data card, that should be good enough.