Thursday
February 9
2017

Kenyan Central Bank Lets Banks Run Own Mobile Money Platform

The Central Bank of Kenya (CBK) has given six banks the green light to launch a mobile money transfer platform, Business Daily reported.  The Kenya Interbank Transaction Switch, which has been developed by the Kenya Bankers Association (KBA), will facilitate instantaneous transfer of money between banks without going through mobile money platforms that are owned by the three telecom firms. Habil Olaka, the KBA chief executive, said half a dozen of the association’s 43 member banks have now received regulatory approval to pilot the product and sign up customers in preparation for its launch in the next two months.

Source: Telecompaper (link opens in a new window)

Categories
Financial Inclusion, Technology
Tags
banking, fintech, mobile money