With the advancement in financial technology and the safety guidelines following the COVID-19 pandemic, more traditional banks in Kenya have adopted internet banking services in their operations. Internet banking is convenient because you only need to turn on your smartphone or computer, and your bank becomes available.
What Is Internet Banking?
Internet banking or online banking involves services rendered by various financial institutions and banks, allowing their customers to access several banking services. Customers do not need to go to their banks to use their services. However, internet banking is not available to all account holders, and if you want to use internet banking services, you are required to register with the bank. You will need to use your customer ID and a unique password to access your internet banking portal.
Various Internet Banking Services
An internet banking service is easy to open and use. The online banking services offered may differ from one bank to the other in Kenya. Below we outline some of the standard internet banking services:
- Access your account statement online
- Pay various utility bills, including electricity and water
- Open a fixed deposit account
- Make merchant purchased
- Order for a checkbook
- Transfer funds
- Update your contact information
- Stop payments
- Apply for loans
Benefits of Internet Banking
Availability: Internet banking services are available all day and night throughout the year. Most of the services provided are not time-restricted. For example, you may access your account balances and transfer funds without standing in line as you wait for banks to open.
Easy to operate: Internet banking services are simple and easy to use. Most customers find that transacting online is much more favorable than visiting your bank for a similar service.
Convenient: With internet banking, you do not have to stand in a queue for hours to access services. You can do all your transactions anytime and in any place.
Low Overhead Costs Can Translate to Low Fees: Since internet banking does not require paying for many amenities such as rent, janitors, or landscaping, banks can offer savings to their customers. An example of this is a free internet checking account. You may even be able to open an internet bank account with bad credit.
Time Efficient: Internet banking transactions only require a few minutes. You can transfer funds or open a fixed deposit account in the shortest time.
Activity Tracking: When you make a transaction on your internet banking portal, the information is recorded for future reference. You can use this as a record of proof whenever the need arises. It records details on the account, name, amount involved, and the date of the transaction.
List of the Best Internet Banking Providers in Kenya
KCB App is a solid internet banking app available in Kenya and Rwanda. The app uses high-end security encryption that helps safeguard the customer’s information. The customer has to submit their password before any transactions go through and can use the app to block lost or stolen credit or debit cards. The user can carry out various transactions, including paying utility bills, online transactions, or transferring funds.
Mco-op cash provides access to your cooperative bank through a mobile phone app. You can use the service to deposit money, make loan payments, send money, withdraw money, or pay bills.
Eazzy banking platform has several benefits for equity account owners. It allows for easy deposit and withdrawal and sending of cash, and pay utility bills.
Barclays mobile app was launched by Barclays four years ago. It can be used for personal and business transactions and boasts over 50,000 downloads. It’s a secure and convenient internet banking service that offers a variety of services for its clients.
Pesa Pap is an internet baking platform offered by Family Bank. The app allows you to check balances, request statements, apply for loan transfer funds and pay utility bills.
CFC Stanbic Bank
CFC Stanbic app is a fast, easy, secure, and convenient method of accessing various banking services every day. You can transfer funds, pay bills, check balances, and request a checkbook.
Many Kenyans are now turning to internet banking for their banking service needs. You can incorporate the traditional banking methods with internet banking for convenient and easy banking.