How Mobile Apps Are Helping The Financial Sector in Kenya

How Mobile Apps Are Helping The Financial Sector in Kenya

How often have you caught yourself reaching out for your phone to make quick online banking transactions? One of the first few apps to be downloaded on any new smartphone is the phone banking app and lending App. USSD apps are also widely used in Kenya in the fintech industry. Another application of how Mobile Apps are helping The Financial Sector can be seen by the case is stock brokers and forex trading. Users are always on the phone, checking the trending prices and transacting and doing business on the phone. Financial services can be complex, so mobile experiences need to be genuinely customer-centric.

For a financial service provider, there is a plethora of information that is available and it becomes necessary for the seamless transmittal of information into digital platforms so that the same can be utilized. Firms should choose mobile charting as an effective way of conveying useful information to the users of the apps.

There are many aspects to how mobile apps are helping the financial sector. Let us address them one by one:

Mobile Banking

In Kenya, studies have revealed that approximately 75% of adults hold financial accounts with banks and microfinance institutions. Remarkably, over 11.5 million adults rely on mobile phones for financial services due to their affordability and convenient accessibility. Apart from just attracting customers with the ease with which the apps work, exposure to these apps also attracts prospective employees. All employees actively seek to collaborate with an employer that embraces cutting-edge technology and presents self through enticing apps.

Mobile Payments

A large number of users are now using mobile apps to make bill payments for various utilities like electricity bill, Rent, Water Bills, NHIF etc. You can easily do this through apps for mobile services. Payments always involve some amount of confidentiality and privacy. Apps help the users to keep the information confidential and safe. As the connectivity across areas and platforms is increasing, the mobile apps help the customers to transact with minimal effort and maximum confidentiality. Apart from this, mobile apps also provide many different ways to make the payment:

• Net-banking
• Credit card Payment
• Debit card Payment
• Mobile Wallets

Increase Business

Mobile Apps also ensure that the financial sector enterprise has maximum business. By making the business more accessible, mobile apps have ensured that the business captures maximum market share and increases sales. By providing safe and secure transactions, mobile apps have strengthened the bond between existing customers and the business as well. This ensures continued patronage and work. Mobile applications from finance organizations can supply underserved clients with a means to manage and leverage investment or business opportunities.

Reduce Operational Costs

The way we use mobile apps has also ensured that the operational cost of running the business reduced. Mobile apps provide one-stop shops for buying, returning, acquiring, exchanging, and remitting of goods and services. Apart from this, mobile apps have also ensured that there is a seamless, virtual transfer of data from the customer to management and vice versa. Mobile apps have made space for virtual customer help stations and have reduced costs further.

Examples of some Finance Mobile Apps

There are some common apps that are in the market:

PayPal

PayPal  is a Leading Payment App. It is a widely acclaimed mobile application designed for Android users. It stands out for its exceptional features:

• Secure Payments: This specialized app is dedicated to safe and verified transactions, ensuring your financial peace of mind
• Direct Account Connectivity: Seamlessly connect to your accounts, providing effortless access to your funds.
• Cross-Platform Convenience: Available for both Android and iOS users, PayPal offers versatile compatibility.
• Transaction Monitoring: Stay in control with the ability to track your payments and safeguard against fraudulent transactions.

M-Pesa App:

M-Pesa App is one of the major technologies revolutionizing mobile payments. The M-Pesa mobile application is a game-changer in the world of mobile payments, primarily focusing on the Kenyan market. Here’s what makes this app stand out:

• Effortless Mobile Money: M-Pesa simplifies financial transactions, allowing users to send and receive money, pay bills, and make purchases with ease.
• Extensive Network: With a widespread network of agents and merchants, M-Pesa ensures users can access their funds and complete transactions conveniently, even in remote areas.
• Financial Inclusion: M-Pesa promotes financial inclusion by providing services to unbanked and underbanked populations, offering them access to essential financial tools.
• Security: Prioritizing user data and transaction security, M-Pesa implements robust encryption and authentication measures to protect financial information.
• Convenient Airtime Top-Ups: Users can easily recharge their mobile airtime and data through the app, eliminating the need for physical vouchers.

Tala, branch, and other lending Apps 

These lending apps are financial empowerment tools that have gained popularity for their user-friendly approach to lending and financial services.

What is your opinion on the topic? Do you think mobile apps are becoming a necessity for the Financial sector? Let us know in the comments below