Central Bank to licence Zain’s money transfer service

Sources within the Central Bank of Kenya (CBK) have confirmed to our reporters that Zain’s ZAP money transfer service will be given the green light, after long months of acrimony that could have seen the second largest mobile telephony operator seeking legal redress.
The battle for the licensing of the service had gone a notch higher last week prompting CBK to buy advertising space in the local dailies to exonerate itself from the blame that had been heaped on it regarding the delay in the licensing of the services.

Though the development is not official, inside sources within CBK confirmed that CBK will soon communicate the new development to Zain.

It is widely expected that the new development would heighten competition in the mobile money transfer services market currently dominated by Safaricom’s M-Pesa.

BY BRIAN ADERO in Nairobi.