Family Bank has joined in the mobile phone banking market with a baby named ‘Pesa pap!’ The service seems to be aimed straight at Equity Bank and barclays bank which both have very serious products in the sector.The service is enable bulk remittance payments including salaries disbarment, borrowing loans and also cater for paying bills through the use of the mobile phones. The Pesa Pap Service bridges with Mpesa through the pay Bill feature and so still I dont see innovation here by piggy ridding whatever that means.
Family Bank Chief Executive Peter Kinyanjui said the service is important to both family bank customers and the M-PESA customers. I say that they need some serious soul searching to develope something which will take the market to something better than Mpesa.Besides the common services rendered through the use of the handsets ‘Pesa pap’ also offers salary advances and financial education tips.
Governor of Central Bank of Kenya, Prof Njuguna Ndungu, said these acts of accessing financial services is a sign of growth of commerce both in the urban and rural market hence a solution a technological advancement. I dont think so. I think that it is a sign that the sector is stagnating and we have no new idea beyond MPESA. We need to think beyond MPESA. We are thinking more of how to exploit MPESA which is dangerous because we are creating a monster in the dominant player.