The number of Mobile payment solutions are growing and the beauty is that though the systems and platforms aren’t growing as much, the innovation in use is growing. The latest entrant in this field is Co-op Bank. The Bank has today launched mobile school fees payment service dubbed “M-Karo”.
M-Karo enables parents and guardians to make fee payments directly to school accounts through the M-Banking by Co-op bank and M-Pesa systems. The Bank will credit the school account with the funds within 2 hours of the transaction, with clear references specified by the parent, guardian or student. The school / college will then get a confirmation receipt from Co-opnet, Co-op Bank’s Internet Banking facility.
Co-op Bank’s Director of Corporate Banking Tom Kariuki said, “Co-op Bank is excited at providing our customers more convenient and hassle-free service, through a medium that can reach millions of Kenyans. “
M-Karo service is accessible through M-Banking Service for Co-operative Bank account holders as well as through M-PESA for all M-PESA registered customers.