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A Brief Look Into The Future of Financial Services




Equity’s Bank Group’s Fintech subsidiary Finserve Africa recently launched m-Key keyboard app which offers financial, social and lifestyle features. The launch comes at a time when various institutions in Kenya are introducing financial apps to take advantage of the growing demand for easy-to-access services in the country.

However, the app sets itself apart with a completely different way for users to engage with their money.The key innovation is the seamless user experience of not having to leave your favourite apps. From chatting with friends to brainstorming with teammates in group chat; paying for goods and services, transferring money to your contacts across all social media platforms, to settling utility bills and even streaming your favourite music from YouTube. You can access almost all your service needs without ever leaving m-key universe.

Getting Started with mKey

To begin using the app, download it from Google Play Store and sign up with either Google or Facebook. Once you are signed up, the prompt will ask you to enter your mobile phone number after which you can choose to activate the mKey keyboard.

If you would prefer to use your current keyboard, tap the ‘Skip’ option and the app will take you to a landing page. Once here, tap the green arrow on your right to activate your account and get started using the app.

The activation process simply involves entering details such as your name, ID number, date of birth, and email address and agreeing to mKey’s terms and conditions.The app will then send a verification code to your mobile phone number which you should enter in the field provided.

Once done, create a 6-digit passcode and type it in the blank space and you are set to begin a rewarding financial journey.

The mKey Journey

You will note that once you enter your passcode, the mKey interface is different from other financial apps. mKey offers a similar feel to game apps like candy crush because it aims to make your financial journey not only fun but also rewarding.

The app will offer you stars, prizes, and rewards in form of cash backs or airtime for the transactions you make. For example, when you complete the first level, you will earn five stars and a surprise gift.

Load Up Your Account

Loading up your mKey account is as easy as tapping ‘Deposit’ at the bottom of the screen and choosing a funding option. The available options include Equitel, Eazzy Banking, M-Pesa, and an Equity agent. Whichever option you choose, you will receive detailed instructions on how to deposit money to your account.

For instance, to deposit money through an Equity Bank agent, find an agent near you and request to deposit money to your mKey account. The agent will ask for your mobile number and the amount you want to deposit. Hand over the cash and the amount will be sent to your account.

Once your account is loaded up, you can now begin to make various transactions from the app.

Money Transfers and Withdrawals

To send money, tap the ‘Transact & Borrow’ option and choose whether to send money to mobile, bank or social media.

With mKey, you can send money to another mKey mobile number, an Equitel number, an M-Pesa number or an Airtel number.


To withdraw funds from your mKey account, tap ‘Transact & Borrow’ then click ‘Withdraw.’ Withdrawals are made through an agent, so locate the nearest Equity Bank agent near you to withdraw your desired amount.

Credit Access

Loan apps have become popular in Kenya and mKey is leading the way with from Sh300 to Sh1 million.

To receive a loan, tap ‘Transact & Borrow’ then choose ‘Get Loan.’ The app will display your loan limit including a field where you can view the terms of getting the loan.

Pay Your Bills with Ease

Paying bills with mKey is easy because it provides a Pay Bills option under the ‘Transact & Borrow’ menu at the bottom of the screen.

With mKey, you can pay for your water, electricity, and TV bills as well as your HELB loan. The app has a long list of Pay Bill numbers to choose from. All you have to do is type the Pay Bill number you are looking for in the search bar and make your payments.

Moreover, you can purchase airtime for any Kenyan mobile operator using the app or buy goods using the wide range of listed businesses on the app. The app also offers the option to scan a QR code to purchase items.

Shifting your Chama to a Digital Platform

Besides offering financial services to an individual, mKey also has a Group feature that is appealing for chamas.

Simply tap ‘My Account’ at the top of the screen and choose ‘Create a New Group Account.’ Give your group a name, add members using a link invitation, and start making monthly contributions through the app. The mKey group feature has a rewarding system as well.

Upcoming Financial Services

mKey will receive a remittances feature this month according to Finserve’s managing director Jack Ngare. The feature will be made possible through a partnership with WorldRemit while leveraging the Jenga API.

The upgrade will take advantage of the growing number of remittances to the country which stood at Sh197.12 billion in 2017 compared to Sh174.30 billion in the previous year according to the Central Bank of Kenya data.

Why Should you Use mKey for your Financial Needs?

With mobile phone penetration in the country at 95 per cent according to the Communications Authority of Kenya, mKey is the financial tool every Kenyan needs.

Firstly, the app offers a single platform where you can access credit, send money, make payments, receive remittances, and make group contributions while getting rewarded for it. What’s more, you have the option to send a reward to someone else.

Secondly, mKey works together with Equity Bank agents to help you deposit and withdraw money to and from your account. According to a CBK report, Equity Bank holds a 47 per cent share of banking agents in the country which means that mKey users will have no problem finding agents to make deposits and withdrawals.

In light of mKey’s financial features, Finserve is spearheading financial inclusion in the country by leveraging the tool Kenyans love the most: the mobile phone.



BCCI: The bank ‘that would bribe God’



Bank of Credit and Commerce International. August 1991. [File, Standard]

“This bank would bribe God.” These words of a former employee of the disgraced Bank of Credit and Commerce International (BCCI) sum up one of the most rotten global financial institutions.

BCCI pitched itself as a top bank for the Third World, but its spectacular collapse would reveal a web of transnational corruption and a playground for dictators, drug lords and terrorists.

It was one of the largest banks cutting across 69 countries and its aftermath would cause despair to innocent depositors, including Kenyans.

BCCI, which had $20 billion (Sh2.1 trillion in today’s exchange rate) assets globally, was revealed to have lost more than its entire capital.

The bank was founded in 1972 by the crafty Pakistani banker Agha Hasan Abedi.

He was loved in his homeland for his charitable acts but would go on to break every rule known to God and man.

In 1991, the Bank of England (BoE) froze its assets, citing large-scale fraud running for several years. This would see the bank cease operations in multiple countries. The Luxembourg-based BCCI was 77 per cent owned by the Gulf Emirate of Abu Dhabi.  

BoE investigations had unearthed laundering of drugs money, terrorism financing and the bank boasted of having high-profile customers such as Panama’s former strongman Manual Noriega as customers.

The Standard, quoting “highly placed” sources reported that Abu Dhabi ruler Sheikh Zayed Sultan would act as guarantor to protect the savings of Kenyan depositors.

The bank had five branches countrywide and panic had gripped depositors on the state of their money.

Central Bank of Kenya (CBK) would then move to appoint a manager to oversee the operations of the BCCI operations in Kenya.

It sent statements assuring depositors that their money was safe.

The Standard reported that the Sheikh would be approaching the Kenyan and other regional subsidiaries of the bank to urge them to maintain operations and assure them of his personal support.

It was said that contact between CBK and Abu Dhabi was “likely.”

This came as the British Ambassador to the UAE Graham Burton implored the gulf state to help compensate Britons, and the Indian government also took similar steps.

The collapse of BCCI was, however, not expect to badly hit the Kenyan banking system. This was during the sleazy 1990s when Kenya’s banking system was badly tested. It was the era of high graft and “political banks,” where the institutions fraudulently lent to firms belonging or connected to politicians, who were sometimes also shareholders.

And even though the impact was expected to be minimal, it was projected that a significant number of depositors would transfer funds from Asian and Arab banks to other local institutions.


“Confidence in Arab banking has taken a serious knock,” the “highly placed” source told The Standard.

BCCI didn’t go down without a fight. It accused the British government of a conspiracy to bring down the Pakistani-run bank.  The Sheikh was said to be furious and would later engage in a protracted legal battle with the British.

“It looks to us like a Western plot to eliminate a successful Muslim-run Third World Bank. We know that it often acted unethically. But that is no excuse for putting it out of business, especially as the Sultan of Abu Dhabi had agreed to a restructuring plan,” said a spokesperson for British Asians.

A CBK statement signed by then-Deputy Governor Wanjohi Murithi said it was keenly monitoring affairs of the mother bank and would go to lengths to protect Kenyan depositors.

“In this respect, the CBK has sought and obtained the assurance of the branch’s management that the interests of depositors are not put at risk by the difficulties facing the parent company and that the bank will meet any withdrawal instructions by depositors in the normal course of business,” said Mr Murithi.

CBK added that it had maintained surveillance of the local branch and was satisfied with its solvency and liquidity.

This was meant to stop Kenyans from making panic withdrawals.

For instance, armed policemen would be deployed at the bank’s Nairobi branch on Koinange Street after the bank had announced it would shut its Kenyan operations.

In Britain, thousands of businesses owned by British Asians were on the verge of financial ruin following the closure of BCCI.

Their firms held almost half of the 120,000 bank accounts registered with BCCI in Britain. 

The African Development Bank was also not spared from this mess, with the bulk of its funds deposited and BCCI and stood to lose every coin.

Criminal culture

In Britain, local authorities from Scotland to the Channel Islands are said to have lost over £100 million (Sh15.2 billion in today’s exchange rate).

The biggest puzzle remained how BCCI was allowed by BoE and other monetary regulation authorities globally to reach such levels of fraudulence.

This was despite the bank being under tight watch owing to the conviction of some of its executives on narcotics laundering charges in the US.

Coast politician, the late Shariff Nassir, would claim that five primary schools in Mombasa lost nearly Sh1 million and appealed to then Education Minister George Saitoti to help recover the savings. Then BoE Governor Robin Leigh-Pemberton condemned it as so deeply immersed in fraud that rescue or recovery – at least in Britain – was out of the question.

“The culture of the bank is criminal,” he said. The bank was revealed to have targeted the Third World and had created several “institutional devices” to promote its operations in developing countries.

These included the Third World Foundation for Social and Economic Studies, a British-registered charity.

“It allowed it to cultivate high-level contacts among international statesmen,” reported The Observer, a British newspaper.

BCCI also arranged an annual Third World lecture and a Third World prize endowment fund of about $10 million (Sh1 billion in today’s exchange rate).

Winners of the annual prize had included Nelson Mandela (1985), sir Bob Geldof (1986) and Archbishop Desmond Tutu (1989).

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East Africa celebrates top women in banking and finance




The Angaza Awards for Women to watch in Banking and Finance in East Africa took place Online via Zoom on 8th June 2021.

The event was set to celebrate the top 10 women shaping banking and finance across East Africa. The 2021 Angaza Awards, which will be a Pan-African Awards program, was also announced at the event.

Key speakers at this webinar were Dr Nancy Onyango, Director of Internal Audit and Inspection at the IMF; and Gail Evans, New York Times Best Selling Author of Play Like a Man, Win Like a Woman and former White House Aide and CNN Executive Vice President.

Dr Nancy Onyango advised women to deep expertise in their fields, spend time in forums and link with key players in that sector.
“Gain exposure with other cultures by seeking for employment overseas and use customized CV for each job application,” said Dr Onyango.

According to Gail Evans, women should show up and be fully present in meetings and not be preoccupied with other issues.
“Be simple and avoid jargon. Multi-tasking only means that you are mediocre Smart people ask good questions in a business meeting. Most women face drawbacks due to perfectionism, procrastination and fear of failure, said Evans.

She advised women to play like a man and win like a woman, be strategic, and intentionally make their moves to get to the top.

“For us to pull up businesses that have been affected by effects of COVID-19 pandemic, we need to re-invent business models, change the product offering and make more use of digital platforms,” said Mary Wamae Equity Group Executive Director.

Mary Wamae emerged top at the inaugural Angaza awards( East Africa) ahead of other finalists.

While women continue to excel in banking and finance, the number of that occupies top executive positions is still less.

“There is a gap for women occupying C suite level and it continues to widen in the finance sector. At entry level, there is still an experience gap for women,” said Nkirote Mworia, Group Secretary for UAP-Old Mutual Group.

She said that at the Middle Management level, women do not express their ambition. For this reason, UAP-Old Mutual has developed an executive sponsorship program to help women get to the next level.

Mworia added that most women hold the notion that top positions in management have politics and pressure.
“One needs leadership skills and not technical expertise to get to the top,” said Mworia.

According to Catherine Karimi, Chief Executive Officer and Principal Officer of APA Life Assurance Company, women need to focus on the strengths and natural abilities that they already have.

“Take risks and raise your hand to get to the high table. Find mentors along the way and develop your own brand and not compare yourself with others Focus on your strengths because it will make you move faster in the career ladder,” said Karimi.

Lina Mukashyaka Higiro, a Rwandan businesswoman and chief executive officer of the NCBA Bank Rwanda since July 2018, has three lessons for women who want to excel in banking and finance.
“Always spend at least 20 minutes each day reading, seeking genuine feedback from other staff members and widen your network,” Higiro told the webinar.

Women picked for Angaza awards

Mary Wamae, Executive Director, led this year’s Top 10 Women in Angaza Awards, Equity Group (Kenya)(2)Catherine Karimi, Chief Executive Officer, APA Life Insurance Company (Kenya)(3)Lina Higiro, Chief Executive Officer, NCBA Bank (Rwanda)(4)Elizabeth Wasunna Ochwa, Business Banking Director, Absa Bank (Kenya)(5)Joanita Jaggwe, Country Head of Risk and Compliance, KCB Group (South Sudan)(6) Millicent Omukaga, Technical Assistance Expert on Inclusive Finance, African Development Bank (Kenya)(7)Emmanuella Nzahabonimana, Head of Information Technology, KCB Group (Rwanda)(8)Judith Sidi Odhiambo, Group Head of Corporate Affairs, KCB Group (Kenya)(9)Rosemary Ngure, ESG & Impact Manager, Catalyst Principal Partners (Kenya) and(10)Pooja Bhatt, Co-Founder, QuantaRisk and QuantaInsure (Kenya).

The Kenyan Wallstreet, a financial media firm, partnered with Kaleidoscope Consultants to raise awareness of seasoned women shaping and influencing the sector through their organizations.

The Angaza Award criteria included assessing the applicants’ area of responsibility and contribution to firm performance. Professionals in Banking, Capital Markets, Insurance, Investment Banking, Fintech, Fund Management, Microfinance, and SACCOs were invited to submit their applications or nominations via the Kenyan Wallstreet Award Web page.

ALSO READ: Angaza Awards Top Finalist; Mary Wangari Wamae

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IFC in New Partnership to Develop Affordable Housing in Mombasa County




NAIROBI, Kenya, Jun 14 – International Finance Corporation, a member of the World Bank Group, has signed a new deal in support of affordable housing in Kenya.

The corporation has partnered with Belco Realty LLP, to develop a mixed use affordable living complex that will consist of 1,379 residential units and over 4,500 square meters of retail and commercial spaces in Kongowea, Mombasa County.

Together with the Kenyan firm, IFC says the partnership will help meet surging demand for housing in Kenya.

Under the agreement, IFC will help identify suitable international strategic partners to invest equity of up to $12 million, or Sh1.3 billion in Belco and to provide the company with the necessary technical support to develop the project.

The development, known as Kongowea Village, will be developed to foster inclusive and affordable community living within the city.

Jumoke Jagun-Dokunmu, IFC’s Regional Director for Eastern Africa says the project, which will be located on eight acres within the heart of Mombasa city, will aim to be a catalyst for wider city regeneration.

The project will be developed to meet IFC EDGE certification requirements and will incorporate the latest technologies in passive cooling, energy efficiency and water conservation to support sustainable urbanization.

 Kongowea Village is expected to create 1,160 jobs and business opportunities during the three-year construction period and many more after completion of the project within the themed retail arcade.


 “Access to quality housing is a growing problem in Kenya and across Africa,” said Jumoke Jagun-Dokunmu, IFC’s Regional Director for Eastern Africa.

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“Developers often target the high end of the market, but this project is aimed squarely at the lower-income bracket. Helping Belco identify the right partners for this project is expected to attract more developers to Kenya and other parts of Africa to help meet rising demand for housing.”

 IFC‘s engagement with Belco will help Kenya support its rapidly growing and urbanizing population by increasing access to affordable housing. The problem is similar across most of Africa, where population growth and demand for quality housing are combining to outstrip supply.  We are pleased to partner with a company such as Belco that is committed to contributing to solving this challenge,” said Emmanuel Nyirinkindi, IFC‘s Director for Transaction Advisory Services.

 IFC’s partnership with Belco is part of its broader strategy to support better access to affordable housing in Kenya.

In 2020, IFC invested $2 million in equity in the Kenya Mortgage Refinance Company (KMRC) to help increase access to affordable mortgages and support home ownership in the country.

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