CBK approves Telkom Kenetition in money transfer business is set to intensify after Central Bank of Kenya (CBK) announced that it had approved Telkom Kenya’s mobile money transfer platform dubbed T-Kash.
The approval means that the three major telecommunications firms will now fight it out for a share of the lucrative mobile money transfer and mobile commerce market.
Other providers are Safaricom and Airtel. Finacial services giant, Equity Group, also runs a mobile transfer service which runs on Airtel infrastructure through its its telecommunication brand which is licensed under mobile virtual network operator (MVNO).
In a statement released earlier today, CBK said it had authorised the telco to conduct business as a payment service provider (PSP).
“The authorisation is pursuant to the provisions of the National Payment Systems Act of 2011 and National Payment Systems regulations of 2014 following the fulfilment of the stipulated authorisation requirements,” said CBK in the statement.
Telkom Kenya lost the rights of using Orange Money platform after UK private equity firm Helios acquired 60 percent of its shareholding from France Telecom.