Landlords and tenants are set to benefit from a new digital platform aimed at easing the process of paying rent.
Eresident,-the e-payment solution, is tailored to serve the real estate market, specifically in the management of rental payment. The solution has been developed through a partnership between KCB Bank Kenya Limited and eResident Limited, a bill management and rental payment services company.
The platform is set to make tracking of payments easier since the money is sent from any of the money transfer platforms straight to the bank. In addition, its is expected to offer security, convenience and cut collection cost for landlords and agents.
For tenants, the they will not have to deal with agents or queue at the bank to make payments. Accounting functions such as reconciliation between the agents and property owners will be real time. The two will be able to see the amount paid and the amount due at any given time.
“This innovation is crafted to cut across multiple payment channels such as credit and debit card, mobile money transfer as well as bank deposits,” KCB Corporate Banking Director Peter Kathanga said
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.