Telkom Kenya will next month launch a new mobile money service after discontinuing Orange Money earlier this month.
The telco relaunched last month after last year’s acquisition by Helios Investment Partners from Orange of France.
Chief Executive Aldo Mareuse said the service that was in use was a basic one that lacked many functionalities, making it uncompetitive.
“We are in the final stages of testing the products that will be on the new mobile money platform and will be ready for launch next month,” he said in an interview.
“What we are looking to have in place is a system that is more open and flexible to other providers and system that has the best technology that will be simpler to use for consumers.”
With the launch of the new mobile money service, Telkom will face the challenge of having to grow a new customer base, including its current data and voice customers that have to rely on other mobile money platforms. Orange Money customers transacted Sh125 million over the three months between January and March this year, a paltry amount compared to Sh1.2 trillion that was jointly moved on all mobile money platforms.
“It was never a hit and that is why we need to relaunch it as soon as possible. And it is also why we chose to terminate it.”