Yu unveils cash transfer service

December 15, 2009
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, NAIROBI, Kenya, Dec 15 – Telecommunications company Yu has entered the money transfer market by launching a service branded “yuCash by Obopay”.

Yu Chief Commercial Officer Kunal Ramteke explained that over the next two months, yuCash will be working to grow it’s countrywide network of agents which will allow subscribers transact from anywhere in the country. 

“We have partnered with Equity Bank, who have a large countrywide network,” said Mr Ramteke.

“Money transfer is a big opportunity for Africa, which has a large unbanked population”, Jayant Khosla, CEO-Africa for Essar Group said. “It is with this in mind that as we grow into other countries in Africa, we will ensure that this same innovative platform of mobile money transfer will also be utilised across the continent”.
 
Mr Khosla pointed out that yu is working with strong partners who have the ability and capacity to support the continent’s growth.  Among these partners is Obopay – one of the leading players in mobile banking, mobile payments and technology provisioning internationally, whom Nokia has in the recent past invested in.

“We are very pleased with this partnership with Obopay, who was recently one of 26 companies in the world and the only financial services provider to be named Technology Pioneer 2010 by the World Economic Forum for its innovation and transformational technology,” Mr Khosla included.

Describing the benefits of the service, Mr Ramteke enthused that this service would redefine the way consumers transact money through their mobile phones.    
“yuCash by Obopay displays a host of unique features which enhance the subscriber’s experience over and above just sending and receiving money.”

One very useful feature is the ability of a consumer to get a complete record of their transactions of the past 30 days – enabling them to keep a clear track on their transactions, eliminating the need to keep a manual record. Mr Ramteke confirmed that other features will be unveiled as yuCash by Obopay begins operations.

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