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KENYA:Mobile cash exchange to be set up for telcos
Telcos will create a central pool of funds from which they will draw money to pay each other once mobile money interoperability is in place.
Safaricom, chief executive officer Bob Collymore said the plan to set up mobile money interoperability was at an advanced stage and would come into fruition within three months.
Under the plan midwifed by the Ministry of Information, Kenyans will be able to seamlessly send money across mobile money networks.
However, it has until now been unclear how Safaricom, Airtel and Telkom Kenya were going to settle debts incurred as money moves from one network to another.
“In simple terms it will be like prefunding a pay bill account. The three of us as operators… will put our money together and when customers move money, we’ll be able to withdraw what we’re owed from the account,” said Mr Collymore.
He explained that the operators had settled on the pool of funds to avoid delays in settling debts, which could have adverse effects on the whole system.
SOURCE:BUSINESSDAILYAFRICA
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