THREAT ON KENYAN BANKS!!
Sep 27, 2013
Business
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Why the banking industry in Kenya may be forced to freeze some of their vital functions in future!!
Innovation has been fore front in economic stimulation in all parts of the world. Many companies have been working day and night to ensure that new innovations keep on flowing in their way to maintain their strategic focus. It has been proved that for a company to remain competitive it has to put innovation as a core activity/business.
The latest innovation which has put Kenya in the limelight is the M-PESA business. Many economic analysts has viewed M-pesa as enhancing Kenya’s economic muscles due to many advantages it has posed to Kenyan citizen, from security of sending money to curbing unemployment disaster. M-pesa is proving to enhance our love as Kenyans through sharing our fortune in times of disaster #westgate tragedy where Kenyans raised more than 90,000 kshs within four days.
Many small businesses are now forced to incorporate their business with an m-pesa unit, from the small shop to mega super markets regardless of the geographic limitations.
This move by many businesses is slowly taking banks function since their customers can now withdraw cash and have their shopping at the same place as opposed to double queuing in banks and shopping centers. This will encourage many people to have their savings in m-pesa in order to enjoy its incredible advantages.
m-pesa business has also been established in rural areas were banks have never been ventured enhance tapping the untapped banks opportunities. This move by m-pesa will force banks to freeze some of their main functions.
By Barnabas Muthini
Article source: https://www.zakenya.com/Business/22-THREAT-ON-KENYAN-BANKS.html
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