Telkom Kenya to provide 'superior' mobile banking service

Sep 14, 2010

Telkom Kenya intends to begin offering mobile banking to its customers by the end of 2010.

The telecommunications provider will partner with an as-yet-unnamed major local bank to provide the service, which will be known as Orange Money, Bloomberg reports. Speaking at a news conference in Nairobi yesterday (September 13th), Head of Orange Money Snehar Shah said individuals will be able to use their handsets to pay for goods online, transfer funds, send money home from overseas and access mobile banking facilities. "We're providing a much richer product [than our competitors]," he was quoted as saying.

Figures from the Communications Commission of Kenya show around half of the country's 38.6 million people own mobile phones, however four in every five do not have a bank account. A number of lenders already offer mobile banking services in Kenya, with Daily Nation recently reporting 900 million Kenyan shillings (€8.62 million) has been deposited through the M-Kesho offering since it was launched by Equity Bank in May.