By Hellen Njeru
Postbank plans to roll out commercial lending services later this year.
Postbank Acting Managing Director, Anne Karanja says this is part of the bank’s plans to diversify its business as well as compete favorably with other players in the market.
Postbank was established 106 years ago as a savings bank meant to mobilize savings for national development.
The bank has partnered with Visa to roll out Postbank Visa DebitCards.
The bank says the adoption of innovative technology is a strategic move to offer access to cash in all visa branded ATM locally and internationally to increase its network.
The visa net is capable of handling more than 24,000 transactions messages per second with fraud protection for consumers and assured payments for merchants.
The roll out supports the government’s push for increased use of non-cash payments and is expected to increase social benefits by promoting greater financial inclusion.
Kenya is now one of the three countries in Africa after Nigeria and South Africa to adopt EMV standard at an industry level, with the Kenya bankers association estimating that 70 percent of all the cards in Kenya have been migrated to the chip and pin technology and certified as Europay, MasterCard and Visa compliant.
Post Bank of Kenya has undertaken the transformative changes moving from the famous passbook system into a modern world of electronic cards and point of sale devices.