Stats from the Kenya National Bureau of Statistics (KNBS) showed that at least 450,000 small businesses close down in Kenya annually. This broken further means 30,000 are shutting down monthly and 1,000 daily.
One of the reasons given as to why businesses were shutting down en masse was mismanagement and theft of funds from businesses, something that can be avoided if businesses embraced technology.
According to Family Bank of Kenya, if most businesses in Kenya embraced cashless modes of payments, wastage of funds through theft will be minimized or done away with.
Family Bank came up with Lipa Na Family, a Till Number product that enables businesses, both small and established to receive payments from customers right to their bank accounts within seconds.
The Lipa Na Family product has 5 major advantages:
It is fast
It takes the shortest time possible for the customer to make payments, the receiver gets a confirmation in an instant and the business continues. This makes it easy for one to serve many customers at the same time.
It is secure
To begin with, there is no option for reversing the funds. You have heard of funny customers who after paying for a product or service via mobile, they reverse the same after leaving the shop. Not a chance with Lipa Na Family.
It is easy to account
At the end of the day, one knows exactly how much came in during the day of the business for there is a confirmation for every amount received and all the cash in one account. There is no need of sweating on calculators and trying to “balance the books.”
It is healthy
Remember during COVID-19 when people were discouraged from handling cash? Yes. Because cash is one of the dirtiest things to ever exist on earth given the number of people who handle it. Therefore, the more you handle hard cash, the more you are likely to be infected with germs and other illnesses. Lipa Na Family eliminates this option.
Anyone can make a payment
By the way, the payment is made from M-Pesa and others to your account. The one making the payment does not need to have a Family Bank account… They just need to have cash in their mobile wallet.