Kenya-based Family Bank has launched M-Kodi – a mobile payment
platform that allows tenants to pay rent through their phones.
M-Kodi enables landlords to receive payments directly in to
their accounts. M-Kodi is based on Family Bank’s Pesa Pap platform
that allows customers to make banking transactions through mobile
phones.
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With M-Kodi, Family Bank aims to give tenants the ability to pay
rent on time – irrespective of their location. Landlords will also
be able to streamline and save time through the new service,
believes Family Bank.
According to the managing director of Family Bank, Peter
Munyiri, real estate is a big driver of the Kenyan economy and the
banking sector as it has been “growing in leaps and bounds”, and
M-Kodi will “greatly support it”. Munyiri added that the
concerns of both the landlord and the tenant were kept in mind
while developing M-Kodi and the solution is meant to “suit these
two critical players”.
To use M-Kodi, tenants will not need a Family Bank account but
they will need to be registered through Family Bank’s
money transfer service M-Pesa and have a landlord with a
registered M-Kodi account at Family Bank. The key features of
M-Pesa include depositing money into accounts and loan
repayments.
