Essar Telecom rolls out mobile banking

Dec 16, 2009

A Kenyan telecoms firm has announced it is to launch mobile banking services.

A Kenyan telecoms firm has announced it is to launch mobile banking services.

Under Essar Telecom's yuCash by Obopay facilty, people throughout the country will be able to transfer money between bank accounts through the use of their mobile phones.

"Money transfer is a big opportunity for Africa, which has a large unbanked population," states Jayant Khosla, Chief Executive for Africa at the Essar Group, adding the firm is working alongside Equity Bank to deliver such access to finance.

Kunal Ramteke, Chief Commercial Officer for yu, points out that the firm will be looking to expand its network of agents over the next two months to allow subscribers to the service to carry out financial transactions from anywhere in Kenya.

Earlier this year, Mark Pickens, microfinance analyst for Consultative Group to Assist the Poor, told the BBC that there's a "lot of excitement" surrounding the development of mobile banking and that telecoms firms are in an ideal position to expand such services in the developing world.