Many young Kenyans today are tech savvy and only businesses that transition to digital solutions can survive. By availing options that can save time and money, businesses become more competitive and the potential for growth becomes even clearer.
Even though physical cash is still an important driver of the informal economy, digital wallets have prospered immensely by allowing customers to pay and spend safely and quicker – even over longer distances.
Banks in Kenya have realized that tapping into digital payment solutions can bring them closer to small businesses which are inalienable players in the informal economy.
Digital Payments Collection As mobile money gains traction in the MSMEs sector, banks like Kingdom Bank are broadening their customer base by offering services beyond the capabilities of mobile wallets. For example, Kingdom Bank’s M-Collections solution allows hospital administrators and MSME owners to receive payments directly into their bank accounts through options such as M-Collections Till, Paybill, or Short Code, providing a reliable and timely payment with added benefits such as the ease in narration on the transaction details.
Such digital payment solutions ensure the safety and convenience of transactions for MSMEs. For instance, the Kingdom Bank Till , Paybill and Short Code solutions allow business owners to securely deposit their earnings directly into their bank accounts, facilitating easy access and management of funds.
The Kingdom Bank Till, PayBill and Short Code services, offers a range of benefits that significantly enhance the efficiency and cost-effectiveness of digital payments for MSMEs.
Registration and access to these services come at no charge and transactions for amounts of Ksh 100 and below are free for the customer. Other additional benefits include access to mobile loans and instant fund reflections for the business owners allowing them to access and utilize the funds based on need.Additionally, the inclusion of SMS confirmation streamlines payment reconciliation, simplifying financial management for businesses.
By eliminating extra costs and avoiding high transaction fees through these payment solutions, MSMEs are encouraged to adopt digital payments more broadly. This not only reduces operational costs but also boosts daily profits, making the M-Collections solution a valuable asset for any business looking to thrive in the digital economy.
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