Eric Musau News

PesaLink - Kenyan banks have joined forces to launch a mobile money rival to M-PESA

Kenyan banks have joined forces to launch a mobile money rival to M-PESA

Nearly ten years after its launch, M-Pesa finally has what could be a major competitor in the multi-billion dollar mobile money transactions business.

L-R: Charles Ifedi, CEO, Verve; Mitchell Elegbe, Founder & MD, Interswitch; Akeem Lawal, Director, Interswitch. Credit: financialtechnologyafrica.com

Nigeria's Interswitch launches Verve payments service in Kenya

The Nigerian company Interswitch is to launch its Verve payments cards in Kenya, a move that should cut banks’ costs and threaten the dominant positions of Visa, MasterCard and the M-pesa mobile money service.