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This according to a report by Kenya Bankers Association study that reveals that ‘Okoa Stima’, an app that allows users to borrow electricity and pay later attracts up to 43. 4 percent interest rate/FILE.

Kenya

Mobile Money Transfer Service launched in South Sudan

The service has been launched through a partnership between Trinity Technologies and Zain which will allow users to deposit, withdraw, transfer money and pay for goods and services across Sudan/FILE.

JUBA, South Sudan, Jul 23- South Sudan has joined other African states such as Kenya and Tanzania to introduce mobile phone-based money transfer, M-Gurush.

The new mobile phone-based money transfer service has been launched through a partnership between Trinity Technologies and Zain which will allow users to deposit, withdraw, transfer money and pay for goods and services across Sudan.

South Sudan’s information minister, Michael Makuei said the initiative will create job opportunities for the youth in rural and urban areas.

“M-Gurush will create job opportunities to young people both in the rural and urban areas,” he said.

Deputy Vice President of M-Gurush Joseph Arinaibwe said the service will enhance faster transactions in the economy and create job opportunities for people.

“The financial landscape will be changed going forward. M-Gurush is a mobile-based and digital services solution that will work with anyone that has a handset across South Sudan. Basically, services that will be available on M-Gurush include the following; cash in, cash out, bill payment, airtime purchases, cross-border remittances, and power payment options. These services will primarily run on a USB or a mobile application,” said Arinaibwe.

The new mobile commerce platform is licensed by the Bank of South Sudan and the National Communication Authority.

Victor Omonmdi, a representative of the mobile company Zain, assured that the mobile money was not coming to replace banks but to create job opportunities for young people and women, especially in rural areas.

“Since it is hard to reach the local population in the countryside, mobile money will complement the formal banking services,” said Omonmdi.

The chairperson of National Communication Authority (NCA), Ladu Kenyi said M-Gurush will enhance better service provision to people.

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“With the mobile money service, goods will be purchased using M-Gurush and this will ease the burden of carrying money,” he said.

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