Mobile money services are on the rise and will most likely take an upward trajectory in coming days in Kenya.
The development of mobile money platforms in Kenya was conceptualized more than a decade ago when Kenyans started to enjoy the services of Safaricom-powered M-Pesa.The onset of that innovation has grown so much that the country tops the list of nations with vast mobile money penetration across the globe.On Thursday, October 4, 2018, the mobile interoperability between Telkom Kenya and Safaricom has since been rolled out.
Before the coming into effect of the interoperability, the receiver of the cash from another network would get a voucher code and go to the sender’s network to withdraw the money. This is now something of the past because with interoperability, the cash is deposited into the receivers mobile money account and is reflected in the account balance.For the transaction to be successful, the Telkom Kenya customers must have an active T-kash account while the Safaricom Customer must have an active M-Pesa account same to one with Airtel Money.
What is more interesting from this partnership between Telkom and Safaricom is affordability. The charges are very affordable, convenient and attractive.Sending between 50 to 200 shillings from a T-kash account to M-Pesa account is free of charge. The same applies to one sending cash from one T-Kash account to another.Sending between 201 to 500 shillings from a T-kash account to M-Pesa account costs 10 shillings. The same charge applies when one sends cash to another T-kash customer.One will be charged 80 shillings for sending between 7,501 and 20,000 shillings from a T-kash account to M-Pesa. The same is charged within the Telkom Kenya network.What if one sending between 20,001 and 70,000 shillings? Here, the transaction cost is only 100 shillings from a T-kash account to M-Pesa and from a T-kash account to another T-kash account.