NIC Bank has recently entered into a strategic partnership with Safaricom to enable M-Pesa Dealers and Agents banking with NIC Bank to access float around the clock and in real time, through the bank’s online and mobile banking platforms.
The strategic partnership will cut down the time it takes businesses, most of which are Small and Medium Enterprises (SMEs) to access their money from banks thereby helping boost efficiency in their operations. It replaces a system that would take up to 48 hours for businesses to realise their float.
“This partnership with Safaricom is in line with our strategy to reach more SMEs across the country with a one-stop proposition that addresses all their business banking needs. It is also consistent with our MOVE to NOW philosophy, which caters for customers on the go who are looking for easier, faster and more convenient options,” said John Gachora, Group Managing Director, NIC Bank.
He said, “This partnership frees up working capital held in banks, thereby giving our business customers more funds that they can use to grow their businesses and meet their obligations to suppliers and others in their value chain. In the bigger scheme of things, it benefits the economy.”
Safaricom’s Chief Executive Bob Collymore termed the partnership as progressive, saying that it demonstrates the ability for mobile money and technology to help redefine the overall banking experience for businesses.
“One of the key defining attributes that sets M-PESA apart is the fact that it is nimble enough to continue adapting so that it can address the ever emerging and dynamic market needs. In the same way, Lipa Na M-PESA which was launched in 2013, will continue defining the mobile payments through developments such as these.”
Last month the Bank which was recently appointed as a Safaricom Super-Agent, partnered with the Safaricom Agents and Dealers Association (SADA) to launch SADAs new SACCO. The Bank is committed to assist SADA develop a robust SACCO through the provision of expertise and future financing. The strategic partnership will see the Bank access the associations members across the country. During the launch of the SACCO, the bank also rolled out financing products allowing Safaricom dealers and agents to access float financing to support their businesses.