Kenya Commercial Bank Group (KCB) has teamed up with Postal Corporation of Kenya (PCK) to offer payment infrastructure and use its network of branches to offers services to a large number of customers in the country.
Under the deal, KCB will provide back office services to PCK, as it is not registered as a commercial bank. Additionally, it will serve as the official Settlement Bank of Posta in Agency Banking, under a partnership that has other financial institutions including Credit Bank, ABC Bank, Cooperative Bank and Faulu Kenya.
KCB, which currently has 175 branches in the country, will use PCK’s extensive network of over 600 offices to increase its number of access points to more than 7,000, which will include over 240 branches, 1,000 ATMs and 6,000 agents.
KCB managing director Sam Makome said this partnership will allow them to offer financial services to the majority of the Kenyans in the country.
PCK postmaster general Dr Enock Kinara said they play a very crucial role in the provision of financial services to the unbanked and as such it has been included in its corporate strategic plan, 2013-2016.
"The Corporation recently acquired a state-of-the-art E-Payments Solution at a cost of US$ 1 Million.
"The Solution, branded PostaPesa, enables Posta to transact various business operations electronically, some of which are part of the partnership with KCB. They include Agency Banking, Mobile Money Transfers, Card-based transactions, E-commerce, Online disbursements, E-payments for utility bills, E-ticketing and E-Government Services," Kinara added.