Equity Group’s fintech subsidiary Finserve has announced that mKey, its mobile banking platform which combines lifestyle, social and financial features, has so far processed 2.95 million transactions worth Kshs 1.2 billion in the 5 months since it was launched in September 2018. According to Equity Group’s financial results released this week, mKey has during same period also advanced loans totaling about Kshs 147.8 million.
From just over 9,000 downloads during its launch in mid September last year, the mKey app had by end of December 2018 been downloaded by over 300,000 people, which is impressive by any measure. The umber of activations (that is people downloading and signing up to use the mKey app instead of just having it idle on their devices) rose from slightly less than 6,000 in September last year to over 200,000 in mid February this year.
Transactions grew from just over Kshs 3 million at the time of launch to over Kshs 1.19 billion in mid February while loans processed via mKey increased from Kshs 600,000 to Kshs 1.47 million in mid February according to the group’s financial results.
Finserve launched the mKey app immediately after its rebranding exercise. The app is the first ever to converge social, and financial services into an integrated lifestyle. In addition to providing these services, mKey rewards users the more they transact.
The mKey app brings a differentiated user experience to the market, by blending the best of social conversations with the full breadth of financial services and captures that entire world on your keyboard, giving users the opportunity to make more possible.
The name “mKey”, which is inspired by the concept of mobile, is recognised as key to unlocking new possibilities through the fusion of financial and social into an exciting keyboard app. It has added a Kenyan flavor and pride to its offering through customized emojis; YetuMoji, stickers and gifs made for Kenyans by Kenyans. The app further gives its users the freedom to co-create and use their own emojis.
mKey is available on Google Play Store and has been developed to run on devices with Android 4.1 versions and above. The app is targeted at Kenya’s increasingly digital population that is becoming savvier in enhancing their lifestyle through technology and who evidently want to perform financial transactions without visiting a bank or even switching apps.