Chase Bank is the latest company to aggregate mobile money into its banking system with the launch of Mobile2Bank, in partnership with telecommunications services provider Safaricom.

The offering is targeted at business account holders and facilitates access to banking and mobile money solutions via mobile phone.

The service will be available through a mobile app for Android and Apple platforms.

"This service demonstrates how innovation in the mobile space can be harnessed to address some of the common pain-points in business. With Mobile2Bank businesses- small and large, will no longer need to carry out physical withdrawal of cash from bank accounts thereby enhancing their efficiency," Paul Njaga, Chief Executive Officer, Chase Bank said.

The service is expected to help mobile money agents who can now transfer their deposits to their accounts using their mobile phone and avoid having to physically deposit cash. They will also access loan facilities through their mobile phones.

"Mobile money has been the most impactful positive disruption to the financial services sector, and we are proud to be at the core of this development. Mobile2Bank launch today illustrates that we can still do more through strategic partnerships like these," Bob Collymore CEO of Safaricom commented.

In July this year, Safaricom launched a similar service in partnership with Standard Chartered Bank Kenya where MPesa merchants (those who accept payments through Lipa and MPesa) to deposit money to their accounts through their mobile phone.

According to the Safaricom the service will enable merchants turn their e-values into cash in a minimal time.