MobiKash Africa, a new mobile money player has entered the Kenyan mobile market in an effort to integrate virtual handset accounts to bank accounts. The launch will boost Kenya’s efforts to increase the use of mobile phones and Internet banking in the region.
MobiKash Africa will compete with other mobile money operators in Kenya, including Safaricom’s Mpesa, Yu Cash, Telkom Orange Money and Airtel’s Zap.
The Mobikash Afrika platform allows users to conduct financial transactions from their mobile phones.
The company has already deployed 3000 agents across the country to assist users to carry out transactions between virtual accounts set up in their handsets and their bank accounts.
According to the MobiKash press release, the service can link up to 15 accounts at different institutions and can enable transactions between the different accounts. People without bank accounts will be required to open a POPOTE account.
The drawback is that withdrawals will only be permitted at MobiKash specific outlets only. Kenya has an estimated 14.5 million people on a mobile-based financial service.