 ZAP is Zain's money transfer service and customers can withdraw funds from their Zap accounts through the Housing Finance branches countrywide. |
|
By Millicent Njeri / Press Release
Housing Finance has partnered with Zain, one of the leading mobile services operators, to provide its money transfer service ZAP accessed at the mortage provider's branches across the country.
Through the partnership agreement signed yesterday, customers will now be able to load and withdraw funds from their Zap accounts through the Housing Finance branches countrywide. Housing Finance becomes the first financial services institution to come on board as a Zap agent.
The service has a network of more than 6,000 agents countrywide. Housing Finance Managing Director, Mr. Frank Ireri, said the agreement is part of the firm's growth strategy, which is focused on steadily increasing its income from nontraditional business activities. “Housing Finance will continue to expand its product lines and tap cross-selling opportunities for third party products to grow its non-interest income and boost profitability,” said Mr. Ireri.
In addition to fee income, Zap will also provide cross-selling opportunities, especially mortgage to customers coming though Housing Finance banking hall. The Zap relationship will also set the platform for agency banking.
“The agency banking bill has already been enacted into law and we are awaiting operationalisation. We anticipate being able to use Zap to introduce mobile banking, which will be phase 2 of the relationship,” said Mr. Ireri.
Zain Kenya , Managing Director, Mr. Rene Meza said the firm is in the process of introducing new services under the partnership. “We are also planning to fully integrate our systems to enable Housing Finance customers to enjoy full-time mobile banking services through Zap,” said Mr. Meza.
The Zain Kenya MD said Zap provides the most comprehensive and accessible package of mobile banking features which allows customers to use their mobile phone 24 hours a day to manage their bank accounts, pay for goods and services and settle their utility bills.
The service will be available in Housing Finance's 10 branches situated around Nairobi (four branches), Mombasa , Kisumu, Eldoret, Nyeri, Thika and Nakuru. Housing Finance recently launched a campaign to grow its retail banking through the launch of a new super saver account, known as CrossOver. The product is envisioned to have features that will entice individuals to not only save but also start working towards buying a home.
More than KES1bn has been transferred through Zap since the service was launched in March 2009. The service boasts of 400,000 customers actively using the service.
Mobile banking presents an opportunity for banks to grow their customer base by offering value-added, innovative services. There is growing evidence that mobile money transfer has not only tapped the unbanked, but also the more affluent groups of society.
|
|
