Banking services in Kenya has been revolutionized by the use of modern technology that all the other sectors of economy are experiencing. Many banks have therefore incorporate the modern technology and used it to improve on their services quality. Many banks have introduced other banking services through technology and may include internet banking where the people can access their bank accounts and make any transaction from anywhere in the world through the internet, mobile banking services where people can access banking services through their mobile phones as well as has increased security of the banking services.
Mobile operators and bank accounts have therefore mostly collaborated to provide banking services. The mobile banking services that have been in existence are as a result of the Kenyan banks and mobile service providers’ collaboration. In the recent past, Safaricom and Equity bank in collaboration introduced a banking services known as “M-KESHO” for their customers and ensuring that it is very standard and beneficial to the customers.
M-KESHO is a financial service that is linked to Safaricom M-PESA and Equity bank accounts. In the M-KESHO saving account, it let the customer be able to manage their funds between the M-PESA account and an account based in Equity bank through their phones. This account also allow sending money/fund transfer between the bank account and M-PESA system. Unlike M-PESA, M-KESHO accounts pay interest, have no balance limits and offer emergency credit and insurance facilities. Other features that are offered and supported by M-KESHO include micro saving accounts with interest of up to 3% half-yearly, Micro Credit for credit services with maximum of Ksh 5,000 as well as Micro Insurance products which cover almost all incidents which need insurance. The insurance covers involved may be health, accidents, medical cover and many more products and covers.
With this account, full accessibility of the services is through M-PESA menu services, the account is affordable with no charges, no ledger fees and no minimum balance that the account should have. The registration process is easy and free of charge from any Equity bank outlet or agent countrywide. Through the mobile phones, the registered M-KESHO customers will be able to access the services through M-PESA menu or through Eazzy 24/7 phone menu.
Registration Procedure for M-KESHO:
- The registration for use of the M-KESHO is easy, fast and efficient. The interested Safaricom or Equity bank customers should visit the nearest Equity bank outlet or M-PESA agents countrywide with a copy of their original National I.D.
- The bank or the agent will provide an M-KESHO account opening application form which should be duly completed with the applicant providing the accurate and up-to-date information.
- After the submission of the application form, the applicant will need to also attach the application forms with a passport sized photograph and provide their register Safaricom phone number which will be linked with the M-KESHO account.
- The application forms are processed within two business days after which the M-KESHO menu would be incorporated and available in the M-PESA phone menu of the applicant and ready for use for any transactions involving M-KESHO.