The Commercial Bank of Africa and leading integrated communications services provider Safaricom have announced plans to increase the number of M-Shwari customers in the coming months. The two organisations aspire to grow the number of people using the revolutionary service that allows them to save and borrow loans against their savings, from the current 6
3G Direct Pay Limited, a leading online payments service provider, has announced a strategic business partnership with Kopo Kopo, a merchant services platform for mobile network operators in emerging markets. Eran Feinstein, Managing Director, 3G Direct Pay Limited signed the partnership agreement which he said would bring innovative payment options for the regional travel industry.
MasterCard has joined Visa, Google and Safaricom in rolling out a service allowing Kenyan commuters to pay public transport fares using mobile money. To use the MasterCard PayPass, commuters can tap cards on a mobile phone or gadget to pay their fares, with MasterCard saying the payment solution will be launched by June. It also
Guaranty Trust Bank plc (GTBank) has now concluded the acquisition of a 70% stake in Fina Bank Group, after securing the required regulatory approvals in the 3 East African countries – Kenya, Rwanda, Uganda as well as in Nigeria. GTBank acquired a 70% stake in Fina Bank Group through a combination of capital injection as
The Bank of Tanzania (BoT) announced that the East African Payment System (EAPS) has started operating and will enhance cross border payments and boost trade within the region. The BoT governor, Prof Benno Ndulu, said in a statement issued by the Bank in Dar es Salaam that the EAPS was part of modernisation efforts of
Kenya’s NIC Bank has announced the launch of NOW mobile banking, a platform that facilitates efficient, on-the-go financial services including online cheque deposits. The company has developed a mobile application and online banking service. “This strategic shift is an answer to the emerging “NOW” generation that demands everything on their fingertips. Through this strategy, we
ElectraCard Services (ECS), a leading provider of software and processing solutions for electronic payment systems, announced that the student prepaid cards program at Chase Bank, Kenya has been launched on the electra platform. ECS is the technology and processing partner for the program and leverages its PA-DSS certified electraPREPAID platform to provide a seamless, safe
Airtel Kenya is set to launch a mobile loans service to challenge Safaricom’s M-Shwari, more than a year after a partner sued Safaricom for allegedly stealing the idea. Airtel originally partnered with microfinance firm Faulu Kenya in May 2012 to launch Kopa Chapaa, aimed at advancing loans facilities via mobile phones, with Safaricom launching M-Shwari
Kenya, South Africa and Nigeria, and the African continent as a whole, lead the world in the uptake of mobile banking, according to a new report by mobile trade association MEF. The first report in MEF’s Global Consumer Insights Series on Mobile Money said 82 per cent of consumers in Africa engaged in mobile banking,
Shoppers in Tanzania’s Uchumi supermarkets can now pay for their goods using cash or mobile money transfer platform M-Pesa after the retail chain entered into partnership with Vodacom Tanzania. Commenting on the partnership with Uchumi, Vodacom Tanzania chief officer of sales Hasan Saleh said the partnership will improve convenience for shoppers while the use of
