Barclays links up with Safaricom to offer m-banking in Kenya
Barclays Bank of Kenya has joined the mobile banking race as the number of commercial banks seeking to leverage on the fast penetration of mobile phones in the country increases.
This sets the pace for greater access to financial services for the millions of Kenyans without access to financial services while heralding a new age of banking and mobile payment services on a mobile device.
With the launch of “Hello Money”, Kenya’s largest bank in terms of assets joins Equity Bank, Standard Chartered Bank, KCB Bank, Post Bank and Consolidated Bank in the mobile banking turf.
“The service will give customers the convenience of accessing banking services in the palm of their hands,” said Adan Mohammed, Barclays Bank Kenya’s managing director.
Barclays Bank’s mobile phone service is rolling out in partnership with mobile service provider, Safaricom.
A unique feature of “Hello Money” as mobile banking platform is the pin or encrypted system it runs on.
BBK has introduced built-in security features into “Hello Money” to protect customers through the use of a secure gateway.
Customers will use a personalised identification number to prevent unauthorised access.
Some of the mobile banking solutions previously rolled out have operated more like SMS banking services which have been deemed unsafe due as issues of security are raised.
Ordinary SMS mobile banking can easily be hacked with information technology experts ,raising questions over the service’s reliability and predictability for banking.
The user experience is open for interpretation and consumer protection is therefore also difficult.
Encrypted SMS deployments that use secure gateways while significantly more complex, solve a number of the above problems.