The CEO, Barclays Kenya, Jeremy Awori, is confident that cash payments are going to be a thing of the past.
We are quickly moving towards a cashless society, thanks to MPESA and other innovations like crypto payments that are enabling this shift.
Jeremy Awori, CEO, Barclays Bank of Kenya, was a guest speaker, together with Paul Muthaura, CEO, Capital Markets Authority of Kenya, during the Finnovation Live event where he discussed this aspect of money.
“Cash is Expensive in every form and what will happen over time is you will pay more for cash transactions.” said Mr. Awori.
The Future of Cash
He added that in future, we might even see a tariff charged on cash transactions. He also confirmed this by revealing that the government is encouraging less cheque transactions by limiting the amount to be transacted and encouraging more digital and direct transfers like RTGS and MPESA transactions.
The crypto community has always believed in a cashless society and as mainstream establishments like Banks move towards this realization, we can only expect the adoption of crypto payments to take root.
Barclays Bank of Kenya is one of the most successful business banks in Kenya. The company recently launched its new mobile app, Timiza, which will see their customers have access instant micro-loans from the comfort of their phones.
According to the lender, the app is set to revolutionize the financial sector in the country by allowing customers to have access to up to 150,000 shillings payable within 30 days.