Money-gram is a service that is now available in Kenya. In the global world, we call it technology which has made what was seen to be almost impossible very possible. We can now share our fortune such as money from any corner of the world through money-gram. In Kenya, money-gram can be easily used to receive and send money. Money-gram makes it possible for a Kenyan to receive money from any section of the world. It especially promotes online businesses, where people in Kenya can trade with people far wide apart or just within Kenya, all they need is a communication mode. Technology in Kenya has enabled the process of sending and receiving money much simpler and efficient.

Money-gram is one of the safest ways to send and receive money in Kenya and even throughout the world. Your money is assured safety, and you can access it from any parts of Kenya.

The process of using Money-gram is simple. A person who has sent you the cash will give you a PIN number. With that Pin Number, all a Kenyan will need to do is to visit any Bank which offers money-gram services, produce a National Identity Card plus the Pin Number. You are given a form to fill, and in no time your transaction is processed. You then receive your money that was sent through money-gram.

In case you send your partner or a friend to transact on your behalf, he/she will be asked also to produce his/her ID and in many cases they also call the money-gram holder to confirm your authority. This is a safe way of transferring cash. Imagine you could even send a third party to retrieve the money from the bank on your behalf. How convenient!

M-Shwari is the revolutionary new banking product in Kenya for M-PESA customers that allows one to save and borrow money through the phone while earning you interest on money saved. But the interest is earned in accordance with the balance saved at your account. M-Shwari is a paperless banking service in Kenya offered through M-PESA which enables one to;

·         Open and operate an M-Shwari bank account in Kenya through mobile phone, via M-PESA, without having to visit banks or fill out any forms.

·         Move money in and out of your M-Shwari savings account to M-PESA account at no charge.

·         Save as little as Ksh.1 and earn interest on your saving balance. This cash is moved into the savings account via M-PESA.

·         Access micro credit product (loan) of a minimum of Ksh.100 any time and receive your loan instantly on your M-PESA account.

Many people in Kenya have shunned from opening M-Shwari accounts due to the fear that their money may not be in safe hands or due advancement of the technology, hackers may find their way to ones account and cause economic destruction.The privacy of one accounts lies in his/her and in that the holder should never let any party to access or even know their PIN NO. In order to open an M-Shwari account with the bank, one must be atleast 18 years old and a registered and active M PESA subscriber in Kenya.

One may also open an M shwari Account solely by way of an electronic applicationin Kenya made by you using equipment via the M-Shwari menu on the MPESA system. When you submit your request, you agree and authorize the bank to request Safaricom for your personal information held by Safaricom pursuant to the agreement between you and Safaricom for the provision of Safaricom’s services and products and the M-PESA services including your phone number, name, date of birth, ID or passport Number and such other information that will enable the bank to identify you.

M-Shwari maintains following accounts:

M-Shwari deposit account As a holder of M-Shwari account, you may make deposits into or withdraws from your M-Shwari deposit account using the M-Shwari menu on your equipment.

The transaction fee payable to Safaricom in Kenya for the transaction effected in respect of your M-PESA account from time to time will apply to any transaction effected of your M-shwari account using the M-PESA system.

M-Shwari loan account- Where you apply for loan from the bank, your application shall be appraised according to the applicable loan appraisal processes of the bank. The bank reserves the rights at its sole discretion and without assigning any reason to approve or decline your application.

Your proceeds of the loan are credited into your M-PESA account subject to any deductions on account of applicable transaction fees. The bank will charge a facility fee of 10% of the loan amount which is paid in arrears in addition to the loan. You shall repay the loan within thirty calendar days of the date disbursement of the loan. Failure to repay the loan within the 30 days the bank rolls over the balance to the next month and charges you an extra 10% of the current outstanding balance. Failure to repay the loan the bank may decide to close your account completely.

Opening and operating M-Shwari Account in Kenya is as easy as opening your closed eyes!!

Kenya Commercial Bank has taken a step further to bring their banking services in Kenya to your doorstep with their new mobile banking service dubbed M – Benki. M-Benki is the new service, launched on Tuesday, which will enable you to open a bank account from your mobile phone in Kenya. You just have to be at least 18 years and an active Safaricom subscriber.

To subscribe to this service, enter 522522 as the Paybill Number under Payment Services on Mpesa, then enter your ID number as the Account Number. You then deposit any amount followed by your Mpesa PIN. You will then receive your M – Benki Account Number together with a Mobi Pin via SMS from KCB, once your details are verified, and you are good to go.

You will now be able to access other services already enjoyed by others who have been using the Mobi Banking Service in Kenya. These services include: transferring money from your Mobi account to Mpesa and vice versa, sending money to any other KCB account or that of any other bank, checking your account balance and even purchasing airtime directly from your Mobi Account in Kenya. This you will do by dialing *522# and following the prompts depending on what you want to do.

Charges vary from Ksh. 20 to Ksh. 175 from transfer of funds ranging between Ksh.100 and Ksh. 50,000 from the Mobi account to Mpesa Account in Kenya. The beauty of this service is that you never have to physically visit a bank to subscribe to and enjoy it, you will however have to in case you would like additional services such as cheque deposits and over the counter withdrawal, and to exceed the daily transaction amount of Ksh. 140,000.

M – Benki in Kenya is particularly beneficial to people who are always on the go and those who cannot easily access a KCB branch in Kenya. It is the latest initiative by the bank to attract more of the unbanked population and is expected to also benefit people with small businesses, and reduce usual time spent on opening accounts and using other banking services in Kenya.

Technology has made the life of many individuals easy and convenient all through. Many people who have been able to accept the revolution due to the advancement in technology and who have embraced the modes of lives accompanied by this advancement has been able to benefit from it. For instance, in the field of banking, technology has been able to make efforts in the introduction of paperless transaction in which the bank customers can use any services without the need of receipts or paper for approval of the transaction. Through the introduction of online banking, people are able to bank and manage their accounts online anytime from any location.

Most banks in Kenya has also introduced the use of Credit cards in which the customers can load their cards and be able to use the cards to pay for goods and services without necessarily carrying cash around. CfC Stanbic bank has introduced the Credit cards where the users can able to pay for goods and services online, make purchases and much more and the money comes directly from the account.

Smart Banking Account opening requirements, features and benefits;

CfC Stanbic bank have the understanding that some individuals have specific needs in banking. As a result, they introduced a personal transaction account (smart bank) that will suit the needs of the individual lifestyle. The account can be opened and accessed from any of the bank branches countrywide. The requirements for the opening of the account are; an identity card or passport, two passport sized photos, evidence of income that may include a Pay slip or a current for one month, evidence of physical address in form of utility bills and lease agreements, a minimum opening balance, an income range of between Ksh 30,000 and Ksh 149,999 and an introductory letter from the employer or an existing CfC Stanbic bank customer.

The major features that this account will offer to the customers is that firstly, the minimum opening balance that is required is only Ksh 1,000 and it will have 1 free external standing order per month. With this account, the account holder can access a salary advance, will be provided with 1 free banker’s cheques per month as well as free ATM withdrawals at CfC Stanbic Bank ATM machines. Other features and benefits that the account holders will enjoy is free internet banking access from anywhere in the world, free salary credit, mobile banking linked to the account, free silver debit card including secondary card upon account holder request, free internal standing orders with no minimum operating balance as well as free monthly e-statement upon signing up.

Through the opening of the personal transaction smart banking account, the customer is provided with a free debit card which has major benefits that can help the user in his/her banking. The benefits involved in the use of the debit card is that you can use the debit card for ATM withdrawals, or to pay for purchases anywhere, anytime and the amount will come off the account immediately, the debit card is linked to the saving or transaction account, pay for goods locally or around the world. The card can also be used in any branch to check for account balances, mini statement and cash withdrawals.

 

Management of finance is the primary challenge that students face in Kenya universities. Majority of them end up misusing the money, and some of them accumulate debts given by other students. Somehow, it depends on the family background of students in Kenya since those who come from a rich families do not have a problem with over-spending money since they are supplied with it when they are ‘broke,’ unlike those who come from poor families that try to survive. My advice to the students in the universities in Kenya is that, they should find ways of adjusting to life of managing finances despite the challenges they face, the majority of them come from families which are not financially able.

There are several ways which a student can become accustomed to in order to minimize spending of cash while studying in universities. One of the ways to manage finances students should use is to learn how to operate on a budget. Once you have been given pocket money, it is advisable that you draw your budget on that particular month or semester by prioritizing on the most important items such as academic materials and the foodstuffs which should be on the forefront. Other items should be budgeted after. The budget will help you minimize spending on unnecessary items that cost much leaving you ‘broke’.

Some lecturers give handouts to students on various courses or units. A wise student will compress the handout to much reduced pages, and at the end of the day he/she will have saved some cash than those who will photocopy the way handout is given. For those who like going to clubs in the evening for drinks (alcohol), if they cannot avoid drinking, they should do it on weekends and devote weekdays to studies. This will at least save some cash for other uses.

Friends at the university can be useful in terms of managing finances. For instance, five students can join and form a group where each member will contribute Kshs.200 each week and give it to one member and continue to do the same to the other members (the other four). This will help them to save and also minimize misuse of money. Some can also opt to open a student saving account at any bank but particularly Equity bank or Cooperative bank which are good for students. Then, you can deposit Kshs.100 or Kshs.200 each week, and this will help to save for future use when the need arises. The students could also start their own small businesses with the savings and get a source of finances while in the university in Kenya.

 

Most people in Kenya want to be able to be financially secure for the most part of their lives if not all. In order to achieve this desire, one of the best ways is by investing your savings in Kenya in order to ensure your goals and dreams are realized.

Some people may find it difficult to get a financial adviser in Kenya who can advise them on the right instruments in which they can invest their money in Kenya, and thus decide to give up on investment of their savings. However with the advent of mobile banking in Kenya and other mobile financial services in Kenya, one can now also invest using just the mobile phone at their own convenience.

Old Mutual Kenya is a part of Old Mutual Group which is an international company with operations in Kenya specifically in asset management, general insurance, banking and life assurance, and also financial planning. In order to make investment in Kenya easier for me and you, Old Mutual in Kenya has introduced i-invest in Kenya, which is a mobile platform through which one can invest in Unit trusts. When you invest in unit trusts in Kenya, this means your money is combined with money from other investors and invested in a portfolio of assets according to the fund’s specified investment objective and investment approach.

So how does i-invest work in Kenya?

First before a Kenyan can invest, the Kenyan needs money preferably their savings and not the money used for the day to day sustenance.  With i- invest in Kenya, one simply needs a minimum initial investment amount is KShs 480.

Next one needs to have a Safaricom line as it is not available on other mobile networks in Kenya. For those Kenyans with a prepaid line, one should have sufficient airtime as every time you dial the i- invest prompt which is *480# It costs KShs 10 every time you dial the number.

After you have dialed *480#, you’ll be prompted to register with the following details: Your ID/Passport number, Postal address, Occupation and Accept i-INVEST terms and conditions.

Once you have submitted the information, you will shall receive an SMS informing you that within 24 hours, unless the system is experiencing delays, you will receive your PIN that will help complete the registration on i-invest in Kenya.

Once you receive the SMS with your PIN, you will need to dial *480# again. After you enter the PIN which was sent via SMS, you will be prompted to change your PIN for security reasons, following which you’ll be able to access the full Old Mutual mobile menu on your mobile gadget.

The mobile unit trust account functions like the conventional unit trust account in Kenya except that all instructions given can be submitted and processed over the Kenyan registered mobile phone anywhere in Kenya. the i- invest in Kenya enables the client to register, invest, withdraw, and switch between selected funds and change information.

I-invest avails four Unit Trust Funds in Kenya;

Old Mutual Money Market Fund invests mostly in money instruments in Kenya. It is ideal for a Kenyan investor with very low risk appetite and a short-term horizon (6-12 months).

Old Mutual Balanced Fund invests mostly in selected bonds & equities in Kenya. It is ideal for a Kenyan investor with medium risk appetite and a medium–term horizon (3-5 years).

Old Mutual Bond Fund invests mostly in government & corporate bonds in Kenya. It is ideal for a Kenyan investor with low risk appetite and a medium-term horizon (3-5 years).

Old Mutual Equity Fund invests mostly in selected shares. It is ideal for a Kenyan investor with high risk appetite and a long-term horizon of around 5 to 7 years.

Just like the initial investment amount, The Minimum top-up amount, Minimum withdrawal amount, Minimum switch amount is KShs 480 on i-invest in Kenya. This makes,  the i-invest investment package an affordable option for all Kenyans and would be a great deal not only to frequent investors in Kenya, but also those new to the investing world and only have a little money they would like to invest.

Not so long ago, life insurance was a foreign concept in Kenya. Kenyans simply did not get the gist of life insurance. In addition to this, Kenyans who understood what the hype was all about simply could not afford life insurance in Kenya. Life insurance cover in Kenya ensures that you lessen the financial burden on a loved one when the time comes that life is no longer an option. The high charges placed on premiums in Kenya have long been a discouragement for many Kenyans who wanted to get a life cover in Kenya. However, Pan Africa Life Assurance Limited in Kenya has now teamed up with Airtel Kenya and MicroEnsure in Kenya to ensure that Kenyans in all walks of life can afford life insurance.

How to get a life insurance through Pan Africa Life Assurance Limited

Kenyans can now get life insurance services through the mobile phone. So how does life insurance work? The first step is deciding the kind of premium you can comfortably afford each week. It is good to note that the amount of life insurance in Kenya will depend on the kind of premium you choose. The lowest starting rate is Ksh15 per week, and this will give you a cover of Ksh25,000 plus an additional Ksh25,000 for your loved one. Other premium charges in Kenya are Ksh25, Ksh35, Ksh45 which will provide a life cover in Kenya of Ksh50,000, Ksh75,000 and Ksh100,000 for you and a similar amount for a loved one.

How can you access the Bima Mkononi life insurance service in Kenya?

The life insurance service by Pan Africa Life Assurance Limited in Kenya can be accessed by dialing *305# on your phone. It is called ‘Bima Mkononi’. Bima Mkononi is a life insurance service available to Airtel subscribers in Kenya. When you dial *305#, you will the option of borrowing money and the option of Bima Mkononi. Choose the second option and you will be directed on how to proceed. The weekly premium is paid via Airtel in Kenya and the claim disbursement will be done through Airtel money in Kenya. This means that you can apply for the Bima Mkononi service wherever you are in Kenya. It also means that you do not have to travel to a physical location in Kenya in order to pay for your life insurance premium in Kenya. This makes Bima Mkononi life insurance service in Kenya very convenient and affordable to Kenyans everywhere. There are no forms to fill on this Bima Mkononi service in Kenya by Pan Africa Life Assurance Limited, and the procedure is straightforward.

Getting a life insurance cover in Kenya is no longer only for the rich. A little planning and a little money can help you live your life knowing your loved ones are in good hands. Pan Africa Life works for ordinary Kenyans and their loved ones. Bima Mkononi service is cheap and convenient for Kenyans to acquire life assurance cover. Pan Africa Life Assurance Company in Kenya is also a very good partner to help you in your quest of taking care of your family through getting a life assurance cover in Kenya cheaply.

Most supermarkets in Kenya can now enable Kenyans to buy goods on loan in Kenya. Loans in Kenya come in handy when you need emergency funds in Kenya, and that is what AFB credit card in Kenya are meant for. You are given a period of time to repay the amount of loan you take via doing shopping with an AFB card in Kenya.

AFB credit cards in Kenya are a product of African Business Finance Company which invested Ksh 250 million in Kenya in April 2013. African Business Finance (AFB) is a Mauritius-based firm which has enabled Kenyans to get access to buying goods loans in Kenya. African Business Finance firm has opened AFB offices in Kenya which are located in Nairobi along Mombasa Road. To get to AFB offices on Mombasa Road, you board matatu number 33 opposite Kenya National Archives which ply the Mombasa Road Route in Nairobi.

How AFB Retail Credit Cards and AFB Loan work in Kenya

AFB retail credit card in Kenya allows customers in Kenya to spread the cost of purchases into affordable monthly instalments over a six months period. The due date for payment each instalment of AFB loan in Kenya is the 1st of every month. AFB company in Kenya avails affordable loans to Kenyans.

Requirements for applying for an AFB Credit Card in Kenya

To qualify for an AFB credit card in Kenya, you need to have a National ID card and produce a KRA pin- in case you are an employed AFB credit card applicant in Kenya or produce the last three months Mpesa statement from Safaricom Customer Care Shop in Kenya- in case you are unemployed Kenyan AFB credit card applicant. To get an AFB credit card from an AFB agent in Kenya, you will also need to fill an application form from a supermarket or store near you.

Retail shops and supermarkets in Kenya accepting AFB Credit Cards

There are many retail shops and supermarkets in Nairobi and beyond where Kenyans can shop for back to school commodities on credit in Kenya. You can also do other shopping using AFB loan in Kenya. Examples of AFB credit card accepting supermarkets and shopping outlets in Nairobi include: Using AFB Retail Credit Card to buy school uniforms in Kenya for your kids from Animet Outlet located in Yaya Centre in Nairobi. Other places in Kenya where you can shop using the AFB retail credit card unit include Tumaini Supermarket in Rongai area in Nairobi, Nafuumatt Supermarket in Gikomba area of Nairobi and Text Book Centre in Thika Road Mall along Thika Road in Nairobi. You can do shopping in Kenya on credit using the AFB credit card especially for going back to school in Kenya. You can get more places in Kenya where AFB credit cards can be used to shop at the AFB website http://www.afb.com/about/our-presence/kenya/retail-partners/ 

AFB New year shopping offer in Kenya

AFB Company in Kenya has made offers to Kenyans for the new year in Kenya. When you apply for an AFB loan card in Kenya, and if you spend Ksh 5,000 on your first purchase, AFB firm in Kenya will deduct Ksh 1,000 off your first AFB loan repayment. You can get more details from the AFB website at http://www.afb.com/about/our-presence/kenya/retail-partners/ 

Orange Kenya is a huge service provider in Kenya which offers communication and networking services to Kenyans affordable rates. This service provider has a lot of good offers which seems to favour people who cannot afford the high cost of communication. For instance, they provide fast and effective internet services which is cheap compared to other Kenyan service providers such as Airtel and Safaricom. Orange Kenya has ensured that their customers access free Facebook which enables many people to transact their businesses through Facebook thereby bringing along good profits.

Recently, Orange Kenya introduced their mobile banking service known as Orange Money in which subscribers can send and receive money through their mobile phones and their registered Orange lines. This service ensure that Orange Kenya customers have accounts with their SimCards in which they can make payments, send cash to their loved ones, Buy airtime for their phones and many more services. Due to this revolution which improved the life of more Kenyans, Orange Kenya have now come up with a Visa Debit Card in which these customers can directly access their Orange money account worldwide through ATMS without using their mobile phones.

Application Process to get the Debit Card

Orange Kenya partnered with Equity bank and Visa to ensure the Debit Card usage is a success where orange subscribers have their account secure. The application procedure is easy, fast and effective and involves;

• Applicants require either an original Identity Card or an Alien Card if the applicant is a foreigner, should be an existing Orange Money customer and be an Equity bank account holder in which the account would be linked to the Orange Money account.

• With all these requirements, visit any Orange shop, Orange Money outlet, Equity bank or Equity Bank agent near your location and present your Identity or Alien card and your active orange line. You will be provided with the necessary application forms which you are expected to fill and submit back to the agent or bank official.

• After completion, keep your Orange line active and funding your account. You will receive your Debit Visa Card in the location which you indicated in the application forms submitted. Your Debit Card would have already been linked to your Equity bank account and ready for use.

The Orange Money Visa Debit Card may have a lot of benefits to you since it enable you to;

• Deposit and withdraw cash from any ATM which accept Visa in Kenya and Worldwide.

• Pay for goods and services in retail outlets and stores which accept the use of Visa and ATMs from equity bank.

• This card do not charge monthly fee for card maintenance and can never be blocked due to inactivity as other cards do. It also ensures that you can pay for utility services at any Equity ATM countrywide and get a receipt.

• Transfer funds through the Equity bank channels safely and with no additional cost.

This new Orange Money Visa Debit Card will ensure that you have no delays to your life in terms of bill payment, funds transfer or any other transaction which would cause unrest to you. Get it today at any nearest Orange or Equity bank branches and enjoy its benefits.

 

 

 

In Kenya, many of the early modes of life have been changing drastically due to the advancement in technology. For example, earlier, people would be moving around with huge amounts of cash in their pockets but nowadays, people are carrying very little or no money. Instead they only carry and use ATMs, VISA cards or MasterCards to even do their shopping which are portable and secure.

From this therefore, Kenya have established a new form of paying for bus fare in most buses. They have introduced the BebaPay card which is used to pay for bus fare with ease and safely. It is convenient and reduce the need to carry cash around or worry about the exact amount to be paid. Your card is just tapped and you are all set. The other advantage of using BebaPay is that it is easy to manage expenses via SMS or online on your mobile phone or computer.

How to sign up and acquire the BebaPay Card:

To get a free BebaPay card, visit the locations in Nairobi which provide for the services. Some of the locations include;

• Participating Equity bank branches and agents within Nairobi that have the BebaPay sign.
• BebaPay tellers at Major Nairobi bus stops such as KenCom, Ambassador and Studio One.
• BebaPay tellers on buses that have the BebaPay sign.

Every customer will receive a free BebaPay card and a separate free online account. The online account is used to add funds to the card. After adding money to the account, you can now use the money in the account and top up to the card. You can as well update the card balance by visiting in any participating Equity bank branch, Equity Bank Agent or BebaPay card reader in the buses. Topping up of the card with funds can be done through mobile phones through different ways.

Different ways to top up the BebaPay card:

Through: –

Safaricom M-PESA;

 

• Go to M-PESA menu and select payment services and select pay bill.
• Enter the business number of BebaPay which is 272900 and then enter the 13 digit number on the BebaPay card as the account number.
• Enter the top-up amount followed by your M-PESA PIN. You will receive an SMS confirmation regarding the top-up.
• Afterwards, visit a participating Equity bank, agent or bus card reader to update the card for the top-up.

Equity Bank Eazzy 24/7

• To use this service, you must be registered with the Eazzy 24/7 service. From your mobile phone, dial *247# and then reply with your PIN. Select option 6 – Bill Payment and select 1 – Popular billers.
• Select the bank account number, select BEBAPAY CARD and enter the 13 digit number on your BebaPay card as the reference number.
• Enter the top up amount. Afterwards, you will receive an SMS confirmation and you can visit the necessary location to update your card.

Orange Money

• Go to orange money on your phone menu. Select option 5 – payments. Select the Bill Payment and then enter the business number 272900.
• Enter the 13 digit number on your BebaPay as the Reference number. This should be followed by top-up amount.
• You will receive a SMS confirmation and you can now visit the participating Agents, buses Card reader to update the card with the top-up.

Payments and charges of using BebaPay:

The BebaPay card is free to apply in any of the participating outlets meaning that no fee is charged for acquiring the card. Currently, there are also no fee charged to top-up the card from the participating Equity bank branches, their Agents or the BebaPay tellers. Interesting enough, making payments using the card is free of charge as it has no transaction fee.

However, topping-up the card from your mobile phone through either M-PESA, Orange Money or Equity Bank Eazzy 24/7 will be charged by the mobile banking operators.