Tuesday
March 14
2017

More banks given go-ahead to roll out mobile cash in Kenya

The number of commercial banks approved by the Central Bank of Kenya to operate interbank mobile money transfer platform, PesaLink, has doubled to 24 from 12. The product was unveiled on February 16.

The Kenya Bankers Association, which own the platform through subsidiary Integrated Payment Services, says about million people have been registered on the platform.

KBA chief executive Habil Olaka said he expected all the 42 lenders in operation to roll out the platform in the next few months. The system is set to go live later this month, focusing on person-to-person transactions.

“So far the process is going on well, though some banks are yet to switch to the system,” Olaka said. “We expect all of the to finalise the process to allow smooth flow of operations, as we are in plans to start phase two.”

Source: The Star, Kenya (link opens in a new window)

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financial inclusion, fintech, mobile money