Telcos to debut cross network money transfer on April 10

Mobile money users to soon send cash across networks

NAIROBI, KENYA: M-Pesa and Airtel money subscribers will from April 10 seamlessly send and receive money following the success of mobile money interoperability test.

In a joint statement issued by Safaricom, Airtel, and Telkom acknowledged that the new development will further drive financial inclusion agenda in Kenya and also empower customer through a more integrated mobile money eco-system.

What the new technology means is that funds will move directly from the sender’s wallet to the recipient’s wallet.

“A customer would receive an SMS from another network notifying them of money that had been sent. They would have to withdraw that money from the sender’s network and then deposit the same into their own wallet.”

“If the recipient did not withdraw money with one week, the money will be sent back to the sender.”

Kenya now joins 15 other countries across the world that has successfully implemented wallet-to-wallet interoperability.

Telkom said it will launch soon thereafter with the two operators.

Telkom Kenya in March this year reopened its mobile cash unit to compete in the Kenya’s mobile money space currently dominated by Safaricom.

The new service, dubbed T-kash, has slashed transaction prices by between Sh2 and Sh30 for withdrawals compared to competition.