Safaricom, Airtel, Telkom Sign Deal to Ease Money Transfer
Kenya’s top three network service providers Safaricom, Airtel, and Telkom have announced a deal that will see subscribers send money easily across their platforms.
Through a joint advertisement sent to the local media houses, the deal revealed that the money sent will be directly credited to the user’s balances. Previously, customers had to use a USSD code: *234# for M-Pesa to Airtel Money and *222*1# for Airtel Money to M-Pesa transfers which technically limited transactions. The charges will, however, remain same like for transfers to unregistered members.
“The customer can make a withdrawal from their network agent and will not be pressured to withdraw the money within seven days,” the statement reads.
The new deal, which will be available from October 4, will allow subscribers to send money to other networks from the mobile menu as updated. For instance, Safaricom which is the leading network provider in the country has added the “Send to Other Networks” option on the mySafaricomApp.
The deal, however, comes with conditions as the customer cannot send less than Ksh100 to other mobile networks. Customers enjoying the interoperability must also be registered users of either M- Pesa, T- Kash or Airtel Money. Customers not enrolled on any of the money transfer platforms will continue to receive voucher codes.
The latest move is a game changer in the cash transfer market that seeks to deal with financial exclusion across the country. The step will see an increase in mobile money penetration which currently stands at slightly above 70 percent.