Local telecommunications service provider Essar Telecom Kenya Limited will facilitate a mobile money transfer service through its branded mobile phone service, yu, in partnership with mobile banking provider Obopay.
Branded yuCash by Obopay, the new mobile money transfer service will give subscribers the ability to transact from anywhere in the country.
“Money transfer is a big opportunity for Africa, which has a large unbanked population. It is with this in mind that as we grow into other countries in Africa, we will ensure that this same innovative platform of mobile money transfer will also be utilized across the continent”, commented Jayant Khosla, CEO-Africa for Essar Group.
To support the continent’s growth and innovate money transfer services through mobile phones in the African markets, yuCash has partnered with Equity Bank, which has one of the largest branch network in Kenya and Obopay, leading provider in mobile banking, mobile payments and technology provisioning internationally.
yuCash by Obopay mobile money transfer facility will display unique set of customer-centric benefits, such as a record of transaction of the past 30 days, rather than just focusing on sending and receiving money.
Based in India, Essar Telecom Business Group, part of Essar Group, leader in manufacturing and services sectors, offers mobile telephony, telecom tower infrastructure, telecom retail and IT/telecom enabled services worldwide.
Essar has partnered with Vodafone Group to bring Vodafone Essar, one of India’s largest cellular service providers, with over 85 million subscribers. In Kenya, Essar Telecom launched the country’s fourth mobile cellular network under the brand “yu”.
Obopay delivers secure and interoperable mobile payments services through establishing global partnerships that include Nokia, MasterCard, Citi, AT&T, Verizon, Essar, Yes Bank in India, Blackberry and Societe Generale. Global headquarters are in Redwood City, CA with operations and services in India.