Online-only banks are a newer substitute to traditional banks, where consumers perform all banking operations through internet. Online banks usually have no physical places, which can help them to keep overhead costs low. In turn, they typically provide some perks over traditional banks, such as higher interest rate on savings accounts.
Because not all the Mobile banking Kenya are the same, the following list of advantages would not capture every nuance, but hopefully, you will get an idea of what serves are offered, And the advantages of both mobile banking in Kenya and traditional banking.
Advantages of mobile banking Kenya
No minimum balance
Many traditional banks still need that you maintain a lowest balance or have an established mechanical deposit or they will charge you a monthly fee.
Some online financial institutions do not need a lowest amount of cash.
Convenience
Online banks are open twenty-four hours a day, which some customers find helpful for maintaining their finances and making transactions after general bank hours. All you need is access to the online world. When you are working an 8-to-6 work where you cannot sneak out to chat with a tell for an hour, the ease of banking outside working hours is a game-changer.
ATM access
Most internet banks will be part of an online network of ATMs. There is generally no fee to use the ATMs, and customers can locate them through the internet. If they do not use an ATM network, they will generally offer to refund ATM fees up to a certain number of withdrawals.
Is it safe to use digital banking in Kenya?
If you suspect your financial detail has been compromised, or if you find fraudulent charges on your bank statement, your primary action should be to replace the username and password you use to log in to online banking Kenya.
Your next step is to contact your financial institutions and report the fake activity. They will likely close your compromised accounts and open fresh ones, but it is wise to verify that these measures have been taken.
Depending on how soon you notice fraud, institutions are sometimes capable to freeze transferred funds or even reverse a transaction. This can be hard if money has been transferred overseas, as American regulations on electronic banking do not apply to foreign institutions.
While individual policies change from one financial institution to the next, some have introduced zero-liability policies for customers, meaning any funds you have lost might be reimbursable.
When you sign up for mobile banking app in Kenya, check your institution policy on liability.
