Rental payment has evolved from delivering cash to agents and landlords in person to using digital platforms like mobile money payment as well as direct bank transaction totally changing the tenant’s experience.
In a new partnership between KCB Bank Kenya Limited and eResident Limited aims at changing the management of rental payment for the real estate market.
The platform dubbed e-resident has been developed through a partnership between KCB Bank Kenya Limited and eResident Limited, a bill management and rental payment services company.
eResident has been touted to offer a host of benefits such as security, convenience and cut collection cost for landlords and agents. The benefits apply to tenants too who will not have to deal with agents or queue at the bank to make payments.
The platform also makes tracking of payments easier since the money is sent from any of the money transfer platforms straight to the bank. Accounting functions such as reconciliation make it easier for agents and property owners to see real-time the amount paid and the amount due at any given time.
This innovation has been crafted to cut across multiple payment channels such as credit and debit card, mobile money transfer as well as bank deposits.
To access the service, users need to register through http://www.eresident.co.ke and thereafter verify their details.
KCB Corporate Banking Director Peter Kathanga said the bank is continuously looking for opportunities to bring innovation to the financial solutions it offers. “We are keen to bring to the market simple innovations that respond to developing trends which meet consumer needs.,” said Mr. Kathanga.
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. eResident, therefore, comes as a relief to landlords and agents who have found managing their properties hectic and tenants who end up losing valuable hours as a result of having to queue at banks to make their rent payments,” he said.
On this product, the financial institution together with e-resident complements the government’s efforts to provide affordable houses. KCB on the other hand is the largest financier of home buyers in Kenya with a mortgage loan book of over Ksh60 billion.