A proud moment for Modefin: Key Customers rank among Kenya’s top Banks!
In the annual survey conducted by Kenya Bankers Association, three of Modefin’s customers in East Africa ranked high on customer satisfaction. The Banking Industry Customer Satisfaction Survey, conducted at end of 2021, sought feedback from more than 30,000 respondents on specific questions related to mobile apps, digital banking experience, customer support, and service standards.
Family Bank was rated the Best Overall Bank in Digital Experience, followed by an MNC bank and Equity Bank. In the Tier I category, Equity Bank was adjudged second best. Family Bank emerged as No. 1 in the Tier II category while Prime Bank was named second.
Modefin, the preferred fintech partner for all three banks, has been a catalyst in their digital journey over the years. A succession of successful projects for each customer has helped strengthen the relationship and serve as the springboard for launching transformative solutions and platforms from the Modefin digital suite.
For Family Bank, Modefin developed PesaPap, a win-win app for the Bank and its customers. Rated as Kenya’s premier mobile banking application, PesaPap offers robust features of a mobile wallet plus a micro loan application. The app has created a positive impact in the lives of thousands of Kenyans, with loans for a value of USD 4 million disbursed every month.
Alex Njau, Technical Manager – Digital Financial Services, Family Bank, said: “Analyses of customers’ experiences with digital (Mobile and/or Internet) Banking services show that more than a ﬁfth (21.2 percent) of the customers surveyed singled out Family Bank as Best in Digital Experience and banking features. We appreciate everyone at Modefin who worked with this team to support us – the project manager, backend developers, the app designer, app developers, and senior managers who are usually on standby and assist with escalations.”
In the case of Prime Bank, the flagship solution developed and deployed by Modefin was PrimeKopa, an easy-on-the-pocket digital loan that customers could avail of from their mobile wallet. Within a month of its launch in October 2021, more than 150 micro loans totalling 5 million Kenyan Shillings were disbursed to Prime Bank customers.
A key project carried out for Equity Bank reaffirmed Modefin’s value addition to the Bank’s digitalisation process. To resolve the challenge of reaching out to unbanked and underserved customers in remote locations, the Bank, in partnership with Modefin, introduced Agency Banking, a solution which ranks as a runaway success, having onboarded till date over 71,000 Agents, 17,500 Merchants and accounting for more than 1,000,000 transactions per month.
Amarnath Chowdary, the Managing Director & Group CEO of Modefin, believes the laurels are the outcome of Modefin’s collaborative approach. “When we engage with a Bank, we work closely with the management and IT team to identify service gaps caused by the absence of latest technology and recommend applications that address shortcomings. The presence of an on-ground team in East Africa has been a key factor in our success with Tier 1 and Tier 2 banks in the Continent,” Chowdary said.
Modefin joins Kenya Bankers Association in congratulating Family Bank, Prime Bank, and Equity Bank for the well-deserved accolades. As they continue their digital-first, customer-first policy, and move closer to contactless banking and seamless virtual access, Modefin looks forward to more such proud moments in the future.
About Kenya Bankers Association:
Kenya Bankers Association (KBA) is the financial sector’s leading advocacy group and the umbrella body of the institutions licenced and regulated by the Central Bank of Kenya (CBK) with a current membership of 47 financial institutions. KBA continues to reinforce a reputable and professional banking sector in a bid to best support Kenyans, who entrust their ambitions and hard-earned resources with its member banks.
Modefin, established in 2011, has an on-ground presence and operations in Bengaluru, Singapore, Dubai, Kenya, Zambia, Ghana, and the Philippines. Its customer base comprises 65 banks in 20 countries, and its solutions suite encompasses the entire digital banking spectrum. The Company has been ranked as Star Performer and rated among the Top 5 Digital Banking Channels globally by IBS Intelligence and certified as Best Place to Work in Information Technology category by Great Place to Work Institute.
For further information please contact:
Shravani G M
Marketing Manager, Modefin
T +91 9940684925