Telkom T-Kash joins M-Pesa and Airtel Money in the interoperability initiative effective October 4th meaning subscribers will no longer struggle with having to cash the voucher within seven days.
A joint statement issued by the three mobile operators states the initiative is a significant step towards a more integrated mobile money ecosystem and a boost to the financial inclusion agenda in Kenya.
“With the advent of interoperability, customers can send and receive money from customers on a different network. The money received from a different network is directly added to the customer’s account balance the same way it would, had it been sent from the same network,” read the statement.
Interoperability of the three services also presents customers with a cost advantage as the three providers have committed to maintain the person to person between on-net and off-net transactions.
M-Pesa and Airtel Money subscribers integrated their platforms in March this year.
The last leg of the mobile money interoperability between Telkom and Airtel will be launched later upon completion of the necessary processes
According to data from the Central Bank of Kenya shows mobile payments were the most preferred mode of cashless payment in the country in December 2017, accounting for 88% of such transactions.
Kenya is a leader in the mobile money services area and has been credited for deepening financial access. There are currently 28.2 million mobile money subscribers. M-Pesa has the largest share, with 22.8 million subscribers, or 80 per cent market share. Equitel, run by Equity Bank’s Finserve, is a distant second with 6.8 per cent share (1.9 million), while Mobikash has a 6.3 per cent share (1.77 million). Airtel has over time slipped and had a share of 5.8 per cent as of September, with 1.6 million customers.