Chase Bank Kenya has collaborated with Safaricom to launch a service for businesses to aggregate all their banking services and making them accessible through a mobile phone.
Called Mobile2Bank, the service will allow businesses to make payments and collections directly to their bank accounts.
The service will also enable businesses access loans and move funds from one Lipa Na M-PESA till to another in realtime, the bank said.
Chase Bank CEO Paul Njaga said: "With Mobile2Bank businesses- small and large, will no longer need to make physical withdrawal of cash from bank accounts to make payments to third parties thereby enhancing their efficiency."
Safaricom CEO Bob Collymore said: "Mobile-money has been the most impactful positive disruption to the financial services sector, and we are proud to be at the core of this development. Mobile2Bank’s launch today illustrates that we can still do more through strategic partnerships like these."
Among those who will use Mobile2Bank are M-PESA agents who can now move float between their tills and bank accounts in realtime, and send float directly to another agent’s account- without having to visit the bank, Chase Bank Kenya added.