Banking on the Internet

I received my Internet banking credentials from the folks at Co-op the day. They come in a pin mailer.
You also get what they call a TAN card that has various pins or codes that you will be asked to provide a randomly selected code every time
you.
With Co-op’s Internet banking you should be able to check out your balance and tranfer funds online.
Really irks me that an EFT in Kenya still takes 48 hours (Why so bloody long?) and costs so much (KES 100 or about USD 1). At this rates checks will soon take a much shorter time to clear than EFTs. By the way here’s another joke, a Real Time Gross Settlement “RTGS” takes 3 hours to effect in Kenya.
The only RTGS systems that actually work like they are supposed too and are obviously very popular here , are the Mobile Money Transfer services (you know, the Mpesas,Yu Cash, Airtel Money, Orange Money , Tangaza etc).
Also baffles me that most banks charge you upwards of KES 600 (~USD 6) for the RTGS service when paying for stuff with my Visa cards is free and takes absolutely no time. Way to go Kenyan banks , keep making yourselves irrelevant.
Still beats the hustle of having to go to your bank cue and withdraw money and then go cue at another bank to deposit the dough.
I would like to minimise my visits to bricks and mortar banks as much as possible. Mostly also because commuting is becoming more and more expensive.
Spending KES 100 to go to town and back just to deposit money into a bank account simply doesn’t make sense to me when I could do it online.

I hasten to add that Co-op charges KES 100 per month for the Internet banking service. I understand Equity charges about the same.
The folks at I&M keep telling me that it’s free, though that was Direct Sales Representatives I kept talking to, and off my experience working DSR
have learnt to take whatever they tell me with a grain of salt and other assorted spices.

Econet and National Bank both claim that they offer Internet Banking though yet to fully understand what their services offer and how much they charge.

Expect most banks to offer Internet Banking to Corporate customers first because a) That’s what snobbish Kenyan banks do and b) they expect to recoup on their substantial investments on the technology (Kamal , Craft Silicon, I see you baby!) very fast by overcharging corporates and other high value clients.

I am still convinced though that OnlineBanking has the greatest potential when it comes to banking the unbanked masses in remote places and other places where the conventional banking model has failed to work.

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