(Last Updated On: September 22, 2014)
Earlier this year we witnessed the huge flop of the cashless payment system in public transport in Kenya. This was on July 1 when the first deadline had been issued. The government has now set December 1 as the new deadline.
According to The National Transport and Safety Authority (NTSA), three service providers had been approved to operate the system since they met all the legal requirements of Legal Notice No 75 of June 2014. These banks are KCB, Co-op Bank of Kenya and Equity Bank. Approval is done by Central Bank of Kenya. This is done to ensure the plastic cards issued are inter-operable and the customer deposits are well protected. Operators are now to acquire infrastructure to fully equip them for the switch.