Kenyan banks are closing in on what they think will be the perfect M-PESA disruptor (Infographic)


Early next year, Kenyan banks are expected to unveil a digital and mobile money transfer platform to rival M-Pesa’s longstanding dominance as the scramble for cashless payments intensifies.

The plan started about four years ago when banks, in a rare display of unity, discussed establishing a system that would allow mobile phone subscribers to send or transfer money within banks without having to rely on the network operators. At present, banks depend on the mobile money transaction platforms such as M-Pesa, Airtel Money or Orange Money to allow their customers to make an assortment of transactions such as transferring, depositing, withdrawing, borrowing money or settling bills in real time.

Read more: M-Pesa, Airtel Money and Orange Money are in sights of Kenyan banks like Equity — Quartz

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