Kenya’s most Innovative Bank Launches Mobile-First Digital Banking Service

Commercial Bank of Africa Limited  has recently launched the region’s first Digital Banking Service, CBA Loop, which incorporates Personal Financial Management (PFM) solution, in collaboration with Strands. CBA, has presence across several countries in Eastern Africa including Tanzania, Uganda and Rwanda and has plans to expand its footprint to other suitable markets in Africa including Ivory Coast and Nigeria. This will mark the first end-to- end full digital banking proposition in Eastern Africa and has sparked the attention of The Economist and the IFC SME Finance Forum.

With innovation firmly at the top of their agenda as a means to grow exponentially in the coming years, CBA Loop currently incorporates PFM and is expected to include BFM (tailored to SMEs) solutions will go a long way to addressing the needs of an increasingly mobile country with the youngest population in the world. The young age of the general populace will place extra pressure on banks to be relevant and responsive, and more so in Africa, where entrepreneurial ventures are on the rise within this age group. CBA Loop targets millennials and tech-savvy customers and is marketed using the tagline ‘UnbankYourself’.

African banking is extremely competitive, and the need to offer customers more than the traditional bank account is key to their success and in helping them to achieve a unique edge in the market. Some 50% of people in Africa do not have access to a branch of their bank, but a huge 80% have a mobile phone, making the move into Digital Banking Services a logical one that is more necessary than ever. As an emerging market and one of the fastest-growing continents, the need to understand how customers manage their money is ever greater; the focus is on getting it right now to face this imminent growth head on, with the right solutions for their customers. CBA forms part of the Sustainable Finance Initiative (SFI), whose goal is to integrate sustainability into core business, resulting in financial and social inclusion for the underbanked in Africa.

This digital banking experience with integrated PFM solution provides insights that hitherto had not existed. The new CBA Loop Banking Service incorporates intuitive money management tools, enabling customers to track, plan and analyse their income against expenditure on a regular basis and providing financial education combined with a community widget that addresses the social aspect of banking in this region. “It will also make it easier for customers to plan for and finance their personal goals and other aspirations for a given period,” said Eric Muriuki, CBA General Manager, New Business Ventures.

The African banking system and its specific circumstances, have driven the need for a non-traditional approach to data acquisition, allowing for all the nuances and particularities of the region, something that PFM and BFM are able to provide as part of their long-term strategy.

Strands as a long-term partner, not simply a solutions provider, affords banks like CBA, who have long been at the forefront of banking innovation in Africa, the tools to offer their customers a holistic banking service, a financial education and a more than valid reason to choose them over the competition.

Author: Dylan Jones

Share This Post On
468 ad

29 Comments

  1. Hey there would you mind letting me know which web host you’re utilizing?
    I’ve loaded your blog in 3 different internet browsers and I must say this blog loads a lot quicker then most.
    Can you suggest a good hosting provider at a reasonable price?
    Thanks, I appreciate it!

  2. This design is steller! You obviously know how to
    keep a reader entertained. Between your wit and your
    videos, I was almost moved to start my own blog (well, almost…HaHa!) Excellent job.
    I really loved what you had to say, and more than that, how you presented it.
    Too cool!

  3. My brother suggested I might like this web site. He used to be totally right.
    This publish truly made my day. You cann’t believe just
    how so much time I had spent for this info! Thank you!

  4. Thanks to my father who informed me about this webpage, this blog is genuinely amazing.

  5. Hey I know this is off topic but I was wondering if
    you knew of any widgets I could add to my blog that automatically tweet my newest twitter updates.
    I’ve been looking for a plug-in like this for quite some
    time and was hoping maybe you would have some experience with something like this.
    Please let me know if you run into anything. I truly enjoy reading your blog
    and I look forward to your new updates.

  6. Good day! I simply wish to offer you a big thumbs up for the excellent information you have here on this post.
    I’ll be coming back to your site for more soon.

  7. Good information. Lucky me I discovered your site by accident
    (stumbleupon). I’ve saved as a favorite for later!

  8. It’s really very complicated in this full of activity life to
    listen news on TV, thus I simply use the web for that reason, and obtain the latest information.

  9. Excellent blog here! Additionally your site
    lots up very fast! What web host are you using? Can I am
    getting your associate link to your host? I want my web site loaded up as quickly as yours lol

  10. Way cool! Some extremely valid points! I appreciate
    you penning this post and also the rest of the
    website is also very good.

  11. Hey! I’m at work surfing around your blog from my new iphone 4!
    Just wanted to say I love reading your blog and look forward to all your posts!

    Carry on the outstanding work!

  12. Hey There. I discovered your weblog the use of msn. This is
    an extremely smartly written article. I’ll be sure to
    bookmark it and come back to learn extra of your useful information. Thank you for the post.
    I’ll definitely return.

  13. My brother recommended I might like this website. He used to be entirely right.
    This submit truly made my day. You can not consider simply how so much time
    I had spent for this information! Thanks!

  14. I’m truly enjoying the design and layout of your blog.
    It’s a very easy on the eyes which makes it much more
    enjoyable for me to come here and visit more often. Did you
    hire out a developer to create your theme? Excellent work!

  15. Hmm is anyone else experiencing problems with the pictures on this blog loading?
    I’m trying to find out if its a problem on my end or if it’s the
    blog. Any responses would be greatly appreciated.

  16. Great post however I was wondering if you could write a litte more on this
    subject? I’d be very thankful if you could elaborate a little bit more.

    Bless you!

  17. What’s up, every time i used to check webpage posts here early in the dawn, for the reason that i like to gain knowledge of more
    and more.

  18. I am extremely impressed with your writing skills
    as well as with the layout on your weblog. Is this a paid theme or did you modify it
    yourself? Anyway keep up the excellent quality writing, it’s rare to
    see a great blog like this one nowadays.

  19. Hello there! I could have sworn I’ve been to this blog
    before but after reading through some of the post I realized it’s new to me.
    Anyhow, I’m definitely happy I found it and I’ll be bookmarking and checking back frequently!

  20. I blog often and I seriously thank you for your information. This article has really peaked my interest.
    I am going to take a note of your site and keep checking for
    new details about once a week. I opted in for your RSS feed too.

  21. Hmm is anyone else encountering problems with the pictures on this blog loading?
    I’m trying to figure out if its a problem on my
    end or if it’s the blog. Any feed-back would be greatly appreciated.

  22. I was more than happy to uncover this website. I need to
    to thank you for ones time for this wonderful read!! I definitely liked every little bit of it
    and i also have you book-marked to look at new things on your website.

  23. you are really a good webmaster. The website loading velocity is amazing.
    It sort of feels that you are doing any distinctive trick.
    Moreover, The contents are masterwork. you’ve done a fantastic task on this
    subject!

  24. Magnificent goods from you, man. I’ve bear
    in mind your stuff prior to and you’re simply too wonderful.
    I really like what you’ve acquired here, really like what you are saying
    and the way during which you are saying it. You make it enjoyable and you continue to care for to stay it smart.
    I can not wait to read far more from you. That is really a terrific web site.

  25. nrFFRn Thanks a lot for sharing this with all of us you really know what you are talking about! Bookmarked. Kindly also visit my web site =). We could have a link exchange arrangement between us!

  26. “It’s an awesome article in favor of all the online people; they will take advantage from it I am sure.”

Submit a Comment

Your email address will not be published.