Kenswitch, the Kenya Payments Service Provider (PSP), and Absa Bank have announced a partnership in which their customers will be able to access services from both financial institutions.
Kenswitch Chairman Yousef Bazian said “We are delighted to welcome ABSA to the Kenswitch network. The addition of ABSA to our network is a significant milestone toward our core objective of ensuring interoperable real-time payments across all banking channels”.
This collaboration means that Customers of the bank will have access to over 2200 ATMs on the Kenswitch network and Kenswitch customers will also be able to transact on Absa’s ATMs in Kenya.
“This continued growth reaffirms our commitment to increasingly providing value to our customers and deepening financial inclusion,” Bazian added.
The Benefits of The Partnership Between Kenswitch and ABSA
Absa Bank Kenya Managing Director, Jeremy Awori, said “Scaling our financial services through our strategic partner Kenswitch expands customer access to our banking solutions across the country”
The report has it that almost 70% of Kenyans lives in a rural area, hence this will make financial service more accessible to people.
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“The majority of Kenyans, roughly 70% of the total population, also live in rural areas. As a result, this collaboration strengthens our banking network and makes Absa products and services more accessible, which is an important part of our customer obsession agenda,” he said.
Furthermore, Karimi Ithau, the managing director of Kenswitch, said the partnership is in line with the CBK’s National Payments Strategy, which aims to make banking services more accessible to customers in Kenya.
“This initiative is designed to create a shared platform for a financial services provider that is convenient, reliable, secure and that seeks to provide wider access to financial services to ABSA customers and also to other member bank customers within our network,” Ithau said.
Observations
At the moment, Kenswitch counts more than 10 million users as members. Additionally, it offers more than 2 200 automated teller machines, more than 20 000 agency banking outlets, and more than 15 000 merchant POS locations. In addition, it collaborates with 26 member banks, each of which is connected to the company’s local networks.