Search This Blog

Monday, June 15, 2015

BANKS COME AFTER MPESA WITH DIRECT MOBILE BANK TO BANK PLATFORM

Banks have moved to cut out Safaricom's MPESA from mediating transactions where users may want to transfer money directly between banks by developing their own mobile interconnection system.

The system which will allow users to transfer money from an account in one bank to an account in a different bank at much cheaper rates than currently in the market is set for launch in November.

The project is being spear headed by the Kenya Bankers Association and has an IT implementation team as well as external consultants.

KBA chief executive Habil Olaka, says the system once in place will cut the tedious process of a customer having to first withdraw money from their bank account into their MPESA and then having to send the money via the mobile platform to another person's MPESA account.

Instead, they will be able to transact directly between themselves with the new system.




4 comments:

  1. Sounds like Craft Silicon's Elma? http://bankelele.co.ke/2014/09/mobile-monday-craft-silicon.html

    ReplyDelete
  2. Equity is already ahead of the pack with Equitel and you can use it to send to other banks with your phone connected to your bank account(s)

    ReplyDelete
  3. This comment has been removed by the author.

    ReplyDelete
  4. Interesting product that will be if this is true.

    ReplyDelete