NAIROBI, Sept. 26 (Xinhua) -- Kenyan banks and micro-finance banks (MFB) have deepened the use of financial technology, churning out tens of products to boost their business, a new survey shows.
The survey by the Central Bank of Kenya (CBK) released on Saturday reveals credit, deposit and capital raising, payments, clearing and settlement and market support services as some of the areas the financial institutions have expanded fintech use.
"For banks, payment-related services had the highest number of products with 49 percent while credit, deposit and capital-raising services at 43 percent. For micro-finance banks, credit, deposit and capital-raising services had the highest number of products with 57 percent while payments-related services had 29 percent," says the regulator in the survey that covered 2019.
According to CBK, 80 percent of banks and 86 percent of MFBs introduced new fintech products in the period under review.
"The adoption of fintech in the Kenyan banking industry in the recent years has been targeted at redefining the delivery of financial services as well as improving consumer experience and driving consumer expectations for financial products and services," says the bank.
The regulator adds that 71 percent of the banks consider themselves as a "better bank" and 14 percent "new banks" since they apply advanced fintech to provide banking services, minimize operational costs, improve customer experience, and market their products through social media.
Did you find this article insightful?