KCB Bank Rwanda Plc has launched a mobile banking service dubbed "M-Banki” that will enable non-customers to open a bank account using their mobile phones, eliminating the need to visit a branch.

The development puts the bank among the first players in the local market to introduce tailor-made platforms targeting the unbanked population allowing access to financial services.

George Odhiambo, KCB Bank Rwanda's Managing Director said with the new service, they are aiming at eradicating bureaucratic process previously associated with account opening.  

"The days of conventional account opening are a thing of the past. Typically, a potential financial services consumer is timid when considering joining a bank. Many look at the process of opening a bank account as an inconvenience.

With M-Banki, anyone with a National ID can now open an account from wherever they are in Rwanda, by simply dialing *522# on their mobile phone,”Odhiambo said.

He noted that the new service aims to leverage the growing mobile phone penetration and will allow users access a wide range of mobile banking services such as Mobile transfers, airtime purchase, payment of utilities and bills, checking account statements and applying for mobile loans that are pre-rated as well as instant credit issuance.

"Additionally, mobile account opening is only one element of the new service; Customers will be able to enjoy various mobile banking services on the go like Mobile transfers, buy airtime, payment of utilities and bills, check account statements and apply for mobile loans that are pre-rated, allowing for instant credit issuance which occurs right on their phones. We see this as another pivotal piece in the drive to boost financial inclusion in Rwanda," added Odhiambo.

Mobile Banking Services are enabled on both non-internet enabled phones through USSD and internet enabled phones through the KCB Mobile App.

Going forward, the bank said that innovation remains a priority as they continue to enforce digital transformation agenda