Kenyan mobile money agents apprehensive of new Equity Bank service
Tuesday, October 21, 2014
Mobile money agents in Kenya fear loss of business once a banking institution rolls out a cheaper cash transfer service.
The agents belonging to Safaricom (M-pesa), Orange (Orange Money) and Airtel (Airtel Money) are anticipating a drop in business as consumers will troop to the cheaper service offered through thin SIM card technology.
Agents of Safaricom, which controls over 95 per cent of the mobile money market in Kenya, will be the worst hit.
The new service is to be offered by Equity Bank through its subsidiary FinServe.
The bank has already received regulatory backing from Central Bank of Kenya and Communication Authority of Kenya and is readying to start the service.