Kenya's KCB sees growth from new M-PESA-based mobile phone accounts, says CEO Joshua Oigara

Joshua Oigara, CEO, KCB

Kenya‘s largest lender KCB has launched a new service that allows depositors to open mobile phone-based accounts, which it’s CEO said could make up to nearly a third of its business in two years.

KCB, which also operates in Tanzania, Rwanda, Uganda, South Sudan and Burundi, will offer the new product using telecoms operator Safaricom’s M-Pesa money transfer platform.

“This is one of the greatest innovations today in our business so we are looking at 20, 30 percent of our business is going to be this,” Joshua Oigara, KCB’s chief executive, said at the product’s launch ceremony on Tuesday.

Read more: Kenya's KCB sees growth from new mobile phone accounts | Reuters.