Postbank has launched a mobile banking application intended to boost accountability among chamas. Dubbed M-Chama, the mobile banking platform will allow group members to transact business without physically visiting the bank’s branches or ATMs.
Speaking during the launch, postbank Managing director Anne Karanja said that the newly launched product automates the processes of investment groups by tracking all transactions such as withdrawals, funds transfer and deposits.
The APP allows members in a formal group to make deposits into the group’s joint account using M-Pesa. Besides, it allows members to request for loans and check their bank balances.
“Postbank has purposed to offer affordable banking services to all citizens. To facilitate the delivery of cost effective and affordable financial services, we have leveraged on technology. This strategy, with innovation and development, will reach its full potential,” said the managing director.
“This is a differentiator in the market since customers are not required to visit Postbank branches to transact.”
M-Chama is an addition to the bank’s mobile and internet banking platform.
The product boosts of about 2,300 groups registered and is expected to recruit 3,500 more groups by the end of the year, Ms Karanja said.