Mobile phone owners in Kenya will now be able send money across different networks starting 4th October, under the interoperability initiative that aims to cater for over 70 per cent of the population with access to mobile money.
The initiative will see customers of three mobile service providers Safaricom, Airtel and Telkom enjoy an integrated system that allows them to send and receive money from different networks directly to their M-pesa, Airtel money or T-kash accounts.
Customers will also enjoy the convenience of paying for goods and services, make withdrawals and purchase items from their own networks. They will also not be expected to withdraw the money in 7 days or risk the transaction being reverted back to the sender as was the case previously.
However for mobile owners to enjoy the benefits of interoperability they must be registered by at least one of the mobile money platforms, while those who are not registered in will continue to receive voucher codes.
The initiative is expected to enhance customer experience by bridging the different platforms and presenting a seamless experience for customers sending or receiving money from different networks.
Money transacted via mobile phones had hit Sh3.7 trillion in the 12 months through March 2018 while Central Bank of Kenya (CBK) numbers indicate the volumes transacted between April 2017 and March 2018 increased by Sh219 billion from Sh3.48 trillion in a similar period a year earlier.
Kenya remains among world leading mobile money economies with the advent of interoperability expected to boost the use even further.
- Kenyan Wallstreet
