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| Speaker of the Senate Ekwe Ethuro (centre) buys foodstuff at a Kiosk using Mobikash merchant payment service during launch in May. Looking on is Mobikash CEO Duncan Oduor. [PHOTO: ANDREW KILONZI/standard] |
Nairobi; Kenya: MobiKash Afrika has reported a five-fold growth in subscribers on its mobile-based money transfer system in the last year, on a march that could challenge established cashless payments platforms like Safaricom’s ‘Lipa na M-Pesa’.
The trend could embolden Equity Bank, which has in recent weeks, launched an independent mobile money transfer and payments platform but amid stiff opposition from established players, especially Safaricom. Communications Authority of Kenya, in its latest statistics, has reported that Kenyan-owned Mobikash had grown its subscriptions to 1.2 million by June, gaining about 1 million users over the 12-month period. yuMobile and Airtel lost subscribers in the period, while Orange only managed marginal gains. No reasons were given for the mixed fortunes among the mobile phone service providers, however.
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