Exactly a week ago from today, Finserve, the fintech subsidiary of Equity Group, launched a new mobile banking app called mKey. But unlike other such apps in the market, mKey incorporates more features than you’d fine in a traditional banking application.
And it is also unique in more ways than one.
Open to everyone
To begin with, Finserve must have surprised many in the financial services when it announced that the mKey app could be downloaded and used by anyone with a smartphone, irrespective of the network they are on. This is interesting because being a subsidiary of Equity, which also runs Equitel as a mobile virtual network operator (or MVNO), many may have assumed that the app would only be open to Equitel subscribers. This, however, is not the case as mKey is open to anyone with an Android device in Kenya.
Through mKey, a group of upto 10 people – whether relatives, friends or maybe just colleagues at work – can decide to open and operate a group account for a common goal – like weddings, holidays as well as any other social event which may require them to make financial contributions or make regular savings until the target amount is raised. One can also use the Group Account feature when they are out with friends and need to split the bill.
Another unique with mKey is the multiple channels through which a user can raise an issue and receive assistance should they have a problem (or challenge) while using the app. One is able to live chat with the support team from within the app (the support team is always on standby, ready to assist and address any issue via Zendesk), read through the FAQs and in cases where the issue has not yet been raised before, submit it as a new question (still from within the app), send an email or in extreme cases, call the support team on a toll-free number.