Family Bank Pioneers Salary Advance on Channels

After pioneering the access of salary advance through the ATM, Family Bank has gone further to enable their salaried customers to access advance salary facility through the mobile with instant approval.

The Revamped Salary Advance facility, targeted on salaried customers who channel their salary through Family Bank, allows fast, hassle- free processing without the rigorous documentation that was initially accessed through physical application at the branch.

Customers can simply apply for the advance on PesaPap and the Bank will process the application and credit their accounts with that money instantly. They can also apply for the same at the ATMs and the money will be credited to their account. Once processed they then have an option of withdrawing the cash, transferring it to their mobile wallets on PesaPap or paying bills directly.

“Our focus is to drive convenience through our self-service channels and ensure efficiency of our in-branch services. With this facility, we are ensuring that customers are able to meet rising demands and unforeseen emergencies through immediate access of the cash,” said Family Bank Chief Operating Officer Godfrey Kamau.

The facility will allow customers to borrow up to 50 per cent of their monthly net salary, top up on existing salary advance facility available within the limit and a one-off deduction recovered in the next salary.

Family Bank has been aggressively investing in digital solutions for their customers as the industry makes a steady move towards financial technology to supplement brick and mortar banking. In fact, according to a survey by FSD-Kenya, in partnership with the Central Bank of Kenya (CBK), Kenya National Bureau of Statistics (KNBS) and CGAP, more than one in four Kenyans has taken a digital loan with the most common reasons for digital borrowing among Kenyan adults being for business and day-to-day needs.

Family Bank also recently partnered with London-based financial technology firm SimbaPay to launch an instant money transfer service from Kenya to China through WeChat, accessible on PesaPap, giving thousands of businessmen and women trading with their Chinese counterparts seamless cross-border payment solutions on mobile phone.