Looking back, looking ahead at a
About Family Bank, Kenya
Modefin’s partnership with Family Bank commenced in 2014. Financial services were in a state of flux at that time. The customer profile was split as upper, middle and lower income class. The banking system was being weaned away from the notion that bank accounts were a privilege of the rich, and an era where ledger fees were charged for routine transactions was still fresh in memory. Telcos had cashed in the opportunity a few years earlier and were offering mobile wallets to the unbanked and underserved, which caused banks to lose out on the high-volume, low-income segment.
Armed with a mandate to digitise payments, Modefin got to work. A review of existing customer accounts revealed the income and money outflow of the account holder, intent to save, willingness to spend, and need for short term financing.
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