Kenya mobile phone firms to offer cross-network cash transfers

Monday, April 9, 2018

By Reuters Staff

Kenya’s three top telecom companies will offer cross-network money transfers by mobile phone, they said on Friday, in a move expected to boost competition in a lucrative market dominated by Safaricom.

Subscribers of Safaricom, Airtel and Telkom will be able to transfer and receive cash from one mobile network to another, the companies said in a joint statement published in the Business Daily newspaper.

Safaricom and Airtel will institute the new system from April 10 while Telkom will join later, the companies said.

The East African nation’s mobile market is among the most advanced and widely used in Africa. It attracted 537 million financial transactions valued at 1.65 trillion Kenyan shillings ($16.35 billion) between July and September 2017, according to Kenya’s Communications Authority.

Photo courtesy of Erik (HASH) Hersman.

Source: Reuters (link opens in a new window)

cash transfers, digital payments, fintech, telecommunications