Hey, guys! So today am going all digital in our conversation, I hope we are financially included from my previous blog.
Well without further ado let’s engage, shall we?
From my observation, the traditional ways of banking and finance infrastructure has been speedily overtaken by the tech wave currently being experienced in Kenya, the digital movement.
This replacement of traditional banking and financial system into modern high-tech systems can simply be defined as financial innovation.Therein financial innovation is the act of creating and then popularising new financial instruments as well as new financial technologies, institutions, and markets.
This concept can be easily understood from over various global award-winning innovations like M-Pesa that has revolutionized the way we handle money.
Through such intelligent innovations we are now able to;
- Easily transfer money all over the country, region , continent and most importantly the world.
- Conveniently transact faster and securely.
- Save easily and in small amounts without having to feel embarrassed if they were to deposit the same small amounts over the counter in banks.
- Enjoy low transaction costs as compared to other means of sending money.
Published in the Science issue, A study by Massachusetts Institute of Technology estimates that, since 2008, access to mobile-money services increased daily per capita consumption levels of 194,000 — or 2 percent — of Kenyan households, lifting them out of extreme poverty (living on less than $1.25 per day).
The study continues to add-on that only about one-fourth of Kenyans have access to a traditional bank but through the increasing use of mobile money services our lives have changed for the better since you are now in control of your money movements regardless of where you are. The average distance over which an M-PESA operates is 150 to 200 kilometers, which means people are easily able to tap into money transfers from distant sources.
Another brilliant innovation that I cannot afford to overlook is the famous #unbankyourself a product of Commercial Bank Of Africa (CBA) dubbed as The loop .So what do we know about the loop exactly?
Well, the loop is a full banking service delivered through a mobile and web application that allows you to be in complete control of your finances!Sounds cool right well so is the website and their stores take some time and visit , trust me you won’t be disappointed.
The loop is a new and edgy money manager that helps you analyze your spending patterns, budget and plan your finances. These services are delivered electronically by either downloading the loop app or registering on their website and physically in their strategic stores.Don’t get stuck , unbank yourself and start living with loop!
Without any bias, I’d love to mention that most financial institutions are now investing in financial innovation.This is evident in all the internet banking options that most banks are now offering and the link to transact from your bank accounts via M-pesa.
M-pesa has an internet banking services option where you select your bank , register with the online banking service and walla…. you are off to a good financial experience.Ignorance is no defense.
With such living-proof game changers in our financial spaces, it is beyond reasonable doubt that financial innovation is here to stay and you ought to be informed and updated without necessarily having to be a tech savvy.
Plug-in and join the movement!
Paper money is not made from wood pulp but from cotton.This means that it will not disintegrate as fast if it is put in the laundry.