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Minister Poghision with CBK Governor Prof Ndungu

Kenya

MobiKash latest entrant in cash transfers

NAIROBI, Kenya, Jul 29 – Kenya continues to witness a revolution in mobile telephony, with many firms taking advantage of the evolving technology to develop innovative applications that enhance access to financial services in the country.

Although the country is a pioneer in mobile banking through the phenomenal mobile money transfer services, technological development is not only deepening the financial sector but also steadily driving up electronic commerce.

MobiKash Afrika Limited is the latest entrant into the digital financial transactions space with the launch of a seamless, real-time solution through which subscribers can access a wide range of services.

The solution dubbed, ‘The MobiKash’ features mobile money transfer, mobile banking and mobile payment for the various players in the financial and payments industry.

“MobiKash allows its users to manage and perform a wide range of financial transactions from their mobile phones and other channels such as the internet, points of sale terminals and ATM (Automated Teller Machines) to deliver a unique interoperable financial service,” explained firm’s Chief Executive Officer Duncan Otieno.

It for instance allows a MobiKash agent to seamlessly serve all the banks in the market with one single process, one single agent float thus offering real interoperability between the players.

Further it enables bank customers to conveniently withdraw cash directly from their bank accounts at any of the company’s outlets without having to reveal their bank account details to the agents.

The firm hopes that the solution will bridge the gap between those who have access to the formal banking services and those without.

MobiKash Afrika chairperson Muthoni Kuria emphasised that the product is an additional delivery e-commerce channel that complements the mobile transfer services.

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“The platform, which will work across all four GSM networks (Safaricom, Airtel, Orange and yu) and across all participating banks will deliver a wide range of revolutionary services through a growing network of partnering banks and agents across the country,” she said during its launch.

Prior to the launch, the platform had been on a one year trial basis where it managed to rope in 55,000 subscribers drawn from National Bank of Kenya, Post Bank of Kenya, Trans National Bank initial partners.

The MobiKash Afrika is in discussion with other financial institutions to enable it achieve its target of linking customers; mobile wallet to up to 15 bank accounts.

While commending the firm for this initiative, Information Minister Samuel Poghisio pointed out that good progress continues to be made in leveraging ICT in delivering tangible benefits across the socio-economic spectrum.

“With our efforts concerted towards achieving Vision 2030, innovative breakthroughs take us many steps closer towards realising the broader ideals across diverse frontiers,” he said.

Central Bank of Kenya Governor Prof Njuguna Ndung’u said he was proud of the innovations as they have served to lower the transaction costs and hence exposed more Kenyans to the formal financial services.

“We are now touching 14.2 million deposit accounts in the banking sector and this has been supported by this platform which is cost-effective. As we get more of these technological innovations,” the governor added.

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