Family Bank enters mobile money market
Family Bank has rolled out a new mobile based payment service dubbed mVisa. The service will allow customers to pay for goods and services directly from their accounts to the merchants’ bank account – at no cost.
Through the new service, customers will be able to make payments for goods and services either face to face or remotely.
The new service will also enable them to send and receive funds from other Visa account holders worldwide as well as withdraw and deposit cash to and from their account at mVisa agent outlets.
“We will not only be the first bank in Africa but also in Central Europe and Middle East to roll out this revolutionary service that puts Family Bank at the center of innovative financial solutions in our transformative journey”, said the bank’s Managing Director and CEO, Mr David Thuku.
The MD spoke during the ‘Go-Live” of the new service in Nairobi – ahead of the official launch by VISA – the global payment services firm.
mVisa is geared to give Safaricom’s Mpesa and Airtel Money – the two leading mobile money service operators – competition in the mobile money market.
“The service will be offered to our customers on the PesaPap (Mobile app and USSD platforms). Once activated, mVisa will enable customers to pay for purchases in stores by simply keying the merchant ID,” said Mr Thuku added.
Currently it is free for the merchants to acquire the mVisa payment service and already the bank has signed up 1000 merchants in Nairobi. at the moment the service is only available to Family Bank customers.