Monday, August 8, 2022

CBK welcomes launch of mobile money interoperability

The Central Bank of Kenya (CBK) has on Friday welcomed the launch of mobile money merchant interoperability by three providers namely Safaricom, Airtel and Telkom.

“The Central Bank of Kenya (CBK) welcomes the launch today, April 8, 2022 of mobile money merchant interoperability by three mobile money providers (networks) Airtel Networks Kenya Limited, Safaricom PLC and Telkom Kenya Limited.” Said CBK

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The new development will allow customers from the three mobile money providers to make payments to any merchant regardless of the network they subscribe to.

Before and without the cross transfer, users were forced to use alternative payment methods or transfer money from one provider before making deposits to the other providers causing delays and causing extra charges.

“This new service will further deepen the digitalization of payments to large and small business using the already extensive mobile money rails and therefore enabling customers to conveniently make payments.”

“The lack of full interoperability has increased the complexity, time and costs associated with making payments.” Said CBK

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