Kenya's Indo Africa Finance Bank has become the latest bank to join the national payments switch platform Kenswitch.
Under an agreement signed Tuesday, Indo Africa Finance customers will now be able to access their money and transact other businesses from any of the Kenswitch member banks in Kenya and in the region.
The deal also provides the bank's clients access to all Kenswitch member commercial institutions.
The move will also see Indo Africa build its points of sale networks as they will now be integrated in the 30 Kenswitch member banks across Kenya, Uganda, Tanzania, Rwanda and Southern Sudan.
Speaking during signing of agreement in Nairobi, Kenswitch General Manager George Wainaina said that Kenswitch was now targeting micro finance institutions in the country to benefit from its network of over 200 ATMs in over 50 towns across Kenya.

"Microfinance institutions in Kenya are today playing a crucial role in driving financial inclusivity, and bringing on board many Kenyans locked out of the formal banking system in line with Vision 2030," Mr Wainaina said.

Mr Wainaina said one of the reasons for the low financial exclusivity among players in the small and medium enterprises was the cumbersome financial transactions and the long distances travelled to access financial services.

He noted that the entry of more micro finance institutions into the national payment platform would provide a low cost platform for financial inclusion, and hence address the financial needs of the growing number of Kenya's seeking affordable credit

At the same time, Mr Wainaina said Kenswitch was developing its own on line payment system which will integrating its platform with the mobile phone companies such as Safaricom, Airtel, Orange and Essar's yu to allow their customers make deposits, withdrawals, check balances among a host of other services.

He said Kenswitch would soon be launching its own Agency Banking model in response to market needs and to address the growing number of bank customers looking for easy, convenient and affordable banking.