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Kenya unveils new mobile money transfer service

Discussion in 'Kenyan News and Politics' started by Ehud, Jan 26, 2011.

  1. Ehud

    Ehud JF-Expert Member

    Jan 26, 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.


    Like other existing money transfer services, the Tangaza Money Transfer lets people send and receive money instantaneously using their mobile phones or a personal digital assistant (PDA) held by an agent.

    Recipients receive text messages when they are sent money and can collect it from any of its agents spread across the country. However, unlike other existing operators, the new system ensures subscribers register their details, photographs and fingerprints and thereafter are only required to place the finger on a finger print reader without necessarily having to produce an identity card.

    As a security measure too, the subscribers register a unique pin (Personal Identification Number), for authorising transactions. This is expected to radically reduce transaction costs and guarantee better access to the illiterate and those who do not own mobile phones. In the existing mobile money transfer services subscribers are required to produce identification documents before they can be allowed to transact.

    "Tangaza has the best security features locally due to the fact that we know our customers as we have all the identification details including their photograph and finger prints," said Mobile Pay's Managing Director Oscar Ikinu. He said once registered, subscribers will not have to produce any identification document or mobile phones to withdraw.

    My Take: Wakenya wanakuja juu sana kwenye mambo ya innovation hasa upande wa mobile & finance. Sasa transaction ya mobile inaweza kuwa kwenda mtandao wowote na sio lazima voda-voda au tigo-tigo. Wakati umefika na sisi kuamka na kuonesha kweli tunaweza kushindana hasa kwa kutilia maanani soko la EAC vinginevyo hawa jamaa watatufanya watunza bustani wao.

    The Standard | Online Edition :: Kenya unveils new mobile money transfer service
  2. Inkoskaz

    Inkoskaz JF-Expert Member

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    Good move!
  3. Sumbalawinyo

    Sumbalawinyo JF-Expert Member

    Jan 26, 2011
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    Wenzetu wanakimbia, sisi bado tuko usingizini
  4. Mohammed Shossi

    Mohammed Shossi Verified User

    Jan 26, 2011
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    Kaka hizo nyekundu hizo zina maana toufauti?

    Kenya and Rwanda will lead when EAC start wakina sie tutakuwa bado tunahangaika na chuki zisizoisha...........
  5. Freetown

    Freetown JF-Expert Member

    Jan 26, 2011
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    tunahangaika na ufisadi unaovumiliwa, kuendeshwa na kufadhiliwa na viongozi wetu,
  6. Mohammed Shossi

    Mohammed Shossi Verified User

    Jan 26, 2011
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    Hizo ndio chuki zenyewe hao wanaopiga kelele ni kwasababu hatujawapa fursa mnakumbuka jinsi Mwai Kibaki alipokuwa kwenye muungano wa upinzani aliahidi katiba mpya Kenya lakini alipoingia madarakani ilibidi watu wafe ndio Kenya ikaingia kwenye mchakato wa katiba mpya ila nadhani bila ile damu kumwagika Serikali isingetoa Katiba mpya nina wasiwasi sana na watu wanaoitwa "wanasiasa".
  7. Hute

    Hute JF-Expert Member

    Jan 26, 2011
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    waende zao, and so wat?
  8. The Son of Man

    The Son of Man JF-Expert Member

    Jan 26, 2011
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    That's Kenya mkuu the guys are very strategic in whatever they do!
  9. Smatta

    Smatta JF-Expert Member

    Jan 27, 2011
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    hute I think we should replace the 'U' in your name with an 'A'... we learning from each other, not boasting or gloating, we have emulated alot from you people and other African countries, its the only way foward. If you let hate cloud your vision, then you'll stay mark-timing.
  10. Katavi

    Katavi Platinum Member

    Jan 27, 2011
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    Hata kutambaa hatujaanza!
  11. c

    chelenje JF-Expert Member

    Jan 27, 2011
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    Sisi bado tunasota na dowans, inasikitisha!!ipo siku tutafanya ya tunisia.
  12. Bantugbro

    Bantugbro JF-Expert Member

    Jan 27, 2011
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    The only difference is :

    While other people in a neighboring country are busy politikign hard, other people are also busy @ work milking ca$h through innovation, unlike in Tanzania where everyone is busy politiking hard these days and no one is hardly innovating anything...

    This is not bungee-jumping, we seriously need to find a balance real quick or else we are in for a big free-fall....
  13. Abdulhalim

    Abdulhalim JF-Expert Member

    Jan 27, 2011
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    Kaka, nikiangalia baadhi ya matatizo yaliop ambayo ni very basic na ni rahisi sana kuyatatua, naeza kusema safely kuwa nchi hii na watu wake wana laana.

    It can't get worse than this 4 sure.
  14. Bantugbro

    Bantugbro JF-Expert Member

    Jan 27, 2011
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    Mkuu, kuna kitu inaitwa dira ya taifa ndio tumekipoteza, sasa hivi hatujui majukumu yetu wenyewe ni yapi na majukumu ya serikali ni yapi (hii ni kwa viongozi na wananchi.) Kila mtu ameshajikatia tamaa ndio maana kila anayepata kajinafasi kidogo mahala kitu cha kwanza anachofikiria ni wizi tu....
  15. Yona F. Maro

    Yona F. Maro R I P

    Jan 27, 2011
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    Brandon started a company in Berlin, Pennsylvania that specializes
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    Thank you, God Bless You, and may God Bless the United States of

    Barack Obama, President of the United States of America