Did you know Kenya is among the leading African countries in the financial revolution? A recent survey by the Kenya Bankers Association (KBA) in 2023 found that nearly 69% of bank customers prefer mobile banking, highlighting a clear shift towards a more convenient and accessible banking experience (https://shorturl.at/J2tXF).
According to Wyclliffe Oduor, from the Digital Channels department at ABC Bank, “Digital banking has empowered us to manage finances with ease and we can gain valuable insights into our spending habits and budgets more effectively because of the readily accessible account information and transaction history for example, with ABConnect app, you can access your account statement anytime, by simply logging into your banking account and downloading it. Aside from this, you can pay for goods and services seamlessly through digital banking platforms.”
While digital banking offers immense benefits, security remains a top concern and staying vigilant is key to securing your mobile banking experience. Wyclliffe notes that some security tips one needs to consider are:
- Don’t give out your personal information to anyone saying they’re from your bank unless you are sure it’s them.
- Choose strong and unique passwords and change them regularly for added protection.
- Download banking apps only from official app stores, not from suspicious links or untrusted websites.
- For extra security, turn on / enable two-factor authentication.
- Report any suspicious activity on your account to your bank immediately.
With surging mobile phone use and ever-evolving technology, Kenya’s digital banking future is bright. However, this has also led to a rise in online banking fraud. By staying informed and secure, you can unlock the full potential of mobile banking and supercharge your financial well-being.