COVID-19 is as yet ravaging numerous businesses not leaving out the financial sector. The pandemic has pushed many establishments to work remotely without essentially setting off to the workplace.
One of such organizations is Kenya Commercial Bank (KCB), which is East Africa’s biggest lender by resource base. The bank has for some weeks now quickened migration towards digital banking platforms.
KCB is presently ready to run it’s tasks with some staff working from principle destinations, optional stations and others from home.
Kenya Commercial Bank (KCB) have effectively relocated all transactions from branches to computerized channels like mobile operators and internet banking, which will now be given top need.
Interestingly, Sub-Saharan Africa’s economies are cash driven given that solitary 43% of the grown-up populace has an account with a bank or with a mobile money service provider, rendering banking branch networks irreplaceable.
Many countries around the globe have held onto digital payments as a contactless methods for getting cash to residents. But on the African continent, the absence of financial inclusion is a major test, in this manner, hard to get cash to residents who don’t have any of these.
For instance, in West Africa, a little level of grown-ups utilize mobile money, with industry experts and analysts saying the flare-up could be a chance to expand use and carry more individuals into the digital economy.
Nonetheless, the pandemic coronavirus will now trigger use of digital platforms in the banking sector. This is also a good step to help wean off person to-person contact and ideally moderate the spread of COVID-19.
Kenya Commercial Bank is however concentrating on driving digital transactions in first-quarter which is being driven chiefly by mobile, internet and agency banking while non-branch volumes expanded.