A partnership between Kenya’s biggest bank and a bill management rental payment services company is set to see landlords and tenants benefit from a digital platform that promises to make it easier to collect and pay rent.
Kenya Commercial Bank (KCB) Limited and eResident Limited have come together to launch an e-payment solution tailored to serve the real estate market in the management of rental payment.
The partnership between KCB and an online payment platform founded in 2017 signifies the bank’s commitment to complementing the government’s efforts to provide affordable houses.
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KCB Bank is the largest financier of home buyers in Kenya with a mortgage loan book of over Ksh60 billion and the lender says it is keen on availing affordable and friendly mortgage financing for both commercial and residential projects.
The platform is set to offer a wide range of benefits and cut collection cost for landlords and agents. The e-payment solution also means tenants will no longer have to hassle with agents or endure long queues at banks to make payments.
Since money is sent from money transfer platforms straight to banks, eResdient ensures that tracking of payments is easier. The digital platform will also offer access to real time records of rent amounts paid and balance due.
eResident Limited CEO James Ayugi said that the system will encourage financial planning which is the first step to optimizing ones income. “We believe that technology can transform lives and enhance access to financial solutions.
KCB Corporate Banking Director Peter Kathanga said the lender is continuously looking for opportunities to bring innovation to the financial solutions it offers.