(Last Updated On: June 18, 2015)
For a very long time, Safaricom has been the middle man when it comes to money transfer via phone. It is the only way one person can send money to another without having to go to a bank to queue and undergo lengthy procedures.
Kenyan banks want to cut of Safaricom by introducing their own mobile money transfer service. The system will let a customer transfer money straight from their bank account to another person’s account in another bank at a much cheaper rate.
Currently customers have to transfer money from their bank account to mpesa then to another person who might then deposit in their account. Equity Bank’s Equitel has been trying to introduce its own mobile money platform to keep money within their system and not through Safaricom. Currently it can send money to Mpesa, Equity customers and other bank customers, all through the mobile.