KCB Bank Rwanda Ltd, a subsidiary of KCB Group Ltd is launching a mobile banking service that will enable non customers to register for a bank account using their mobile phones, eliminating the need to visit a branch. A first of its kind in the market, the solution has been created to ensure that the unbanked population in Rwanda has easy access to financial services.
“This marks the end of conventional account opening as we know it,” said Maurice Toroitich, KCB Rwanda’s Managing Director. “Typically the potential financial services consumer is timid when considering joining a bank. Many look at the process of opening a bank as an inconvenience. Now anyone with a National ID can open an account from wherever they are using their mobile phone.”
Additionally, mobile account opening is only one element of the new service; KCB Bank plans to roll out various credit options through its mobile platform which has been specifically designed to facilitate quick access to credit. Toroitich added: “Customers will be pre-rated, allowing for instant credit issuance which will all occur on your phone. These services will undoubtedly boost trade in Rwanda; while enabling business efficiency for SME’s.”
Innovation remains a priority for the bank. Following the launch of KCB Mobi App (Android, iOS) earlier this year, this new service will soon be available to the public further enforcing the bank’s digital transformation agenda. Access to the service is enabled on both non-internet enabled phones through USSD and internet enabled phones through the recently launched KCB Mobi App.