Free mobile money transfers launched in Kenya

mVisaNAIROBI, (CAJ News) – KENYANS can now make free domestic mobile money transfers using mVisa following a partnership between the global payments company and several local banks.
The partnership offering free person-to-person (P2P) transactions currently includes Barclays Bank, Cooperative Bank, Ecobank, Family Bank, KCB Bank, National Bank of Kenya, NIC Bank, Prime Bank and Standard Chartered Bank.
The banks have either enabled mVisa on their mobile banking applications and/or have acquired merchants to be able to accept mVisa.
Other banks, either live or about to go live with mVisa, include Diamond Trust Bank and Stanbic.
Nakumatt, KenolKobil, IMAX Theaters, EatOut, Zucchini, Little Cab, Kenya Airways, Total Kenya, Innscor Kenya, Chandarana Foods, Bata among thousands of merchants to accept mVisa payments.
This is hailed as a significant move e specially considering Kenyans’ spending on transaction fees for mobile money transfers every year.
With 38,9 million active mobile phone subscriptions and Ksh 515,9 billion (US$4,9 billion) in person-to-person money transfers within the last quarter of 2016, mobile money payments have become an integral part of Kenyans’ lives.
Andrew Torre, Group Country Manager for Visa Sub-Saharan Africa, said there was a strong sense of community with people often sending funds to family, friends and even strangers in times of need, celebration or crisis.
“We hope to enhance this by eliminating barriers such as transaction costs , while giving customers a convenient, secure and affordable experience,” Torre said.
Cabinet Secretary for Information, Communication and Technology, Joseph Mucheru, said the partnership was ideal in the Kenya ecosystem where mobile penetration is at a staggering 88 percent.
“The burden of carrying several cards and other instruments is no more.
Customers will cherish the convenience and freedom of secure electronic transactions,” Mucheru said.
mVisa is now live in Kenya, India, Rwanda and Egypt with plans to launch in Nigeria, Uganda, Tanzania, Ghana, Indonesia, Kazakhstan, Pakistan and Vietnam underway.
– CAJ News

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