The emergence of more convenient banking options has seen Kenyans limit the use of credit cards to need only scenarios, The Kenya Bankers Association (KBA) Customer Service Survey Q4 2018 shows.
KBA’s report shows that a vast majority of Kenyans (49%) prefer to make deposits and withdraw funds via their phones due to the convenience that that mobile banking offers.
Internet/online banking (16%), ATM (15%), branch (8%) and banking agents (5%) are ranked as the second, third, fourth and fifth most popular banking modes respectively.
Debit card (4%), Point of Sale (1%) and credit cards (1%) are the least fancied banking modes in the country.
“This survey suggests that a substantial percentage of bank customers prefer mobile banking. This indicates the bearing of disruptive financial technology on the expectations of customers who now prefer an enhanced digital experience for convenience, relative to the conventional brick and mortar model,” reads the survey.