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Kenya unveils new mobile money transfer service

Discussion in 'Kenyan News and Politics' started by nomasana, Jan 25, 2011.

  1. n

    nomasana JF-Expert Member

    Jan 25, 2011
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    Kenyans can now operate a mobile money account without necessarily owning a mobile phone.

    This follows the launch of a new mobile money transfer service dubbed "Tangaza" by Mobile Pay Limited. It also enables one to directly buy or sell stocks at the Nairobi Stock Exchange, right from the mobile platform.

    Officially unveiling the new service yesterday, Central Bank of Kenya (CBK) Governor Njuguna Ndung'u said the move will see many more Kenyans access mobile banking services cheaply and conveniently.
    Uniquely, the service operates across all the existing mobile phone networks, meaning mobile phone users can register their sim cards for the service irrespective of their network.

    Users can also register for accounts without necessarily having a mobile phone. They will, however, have to link the account with their simcards to allow accessing the account via the mobile phone.

    "The service has already been piloted and seen it can work," Prof Ndung'u said. He said the mobile money transfer service in Kenya has so far witnessed massive economic benefits with subscribers across all the mobile networks standing at 15.4 million.

    He said CBK will continue working with Communication Commission of Kenya, the Ministry of Information and other relevant authorities to ensure the mobile services are fraud free and cost-friendly. Statistics show that on the mobile money platform Sh2.45 billion a day is transacted daily.

    read more: The Standard | Online Edition :: Kenya unveils new mobile money transfer service