What if you could manage all your finances by clicking a few buttons on your phone? Kenyan banks may be closer to realising this than you think. Several financial institutions have adopted the trend in a bid to cash in on the fast-growing mobile market.The CBK reports that during the first quarter of this year, the value of mobile money transfers was up 55.7% to KES375.1 billion.

It all began with the Co-operative Bank’s mobile money initiative in 2004. At the time, customers could only carry out a limited number of transactions on their phones. M-Pesa then took mobile money transfer to the next level in 2007. Kenyans could send and receive money through their phones as long as they were registered to the service. Equity Bank was among the first to take up the initiative when it partnered with the likes of Safaricom and Telkom Kenya to streamline mobile banking in 2010.

Airtel, Kenya’s 2^nd most popular service provider picked up the pace by launching Airtel Money in 2011. YU, with its partner Obopay are responsible for YuCash, possibly the most affordable mobile money transfer service in Kenya. It has the least number of service charges and sending money to a subscribers is free.

Old Mutual has upped the ante by allowing Safaricom subscribers to manage their unit trust accounts through their mobile phones. On the other hand, KCB now offers a package that is compatible with all of Kenya's networks. The service, dubbed Mobi Bank, is part of the company’s initiative to increase its customer base across the region. “It’s a partnership,” said Angela Mwirigi, Director of Marketing and Communication at KCB. “We are working together with Safaricom, Airtel, Yu and Orange.”

The defining factor with mobile banking is convenience. You simply have to find their nearest mobile banking agent and complete your transactions as fast as you need to. You can even pay your bills without having to carry hard cash.

Such services have changed the way people handle their money. Budgets can now be based on how much money you have in your phone as well as the balance in your bank account. The line between the two has been stretched so thin that a bank account is something you can carry in your pocket.

As is the case with all new technology, there are still some kinks that need to be ironed out. Some services are prone to congestion. Others force customers to wait for hours citing technical difficulties. These problems can be overlooked if you note that there are currently more than 55,000 mobile money transfer agents in the country. If that’s not enough, at least users have a variety of options to choose from.