Telkom Kenya is integrating its mobile money service, T-Kash Systems, with local commercial banks to allow customers to send and withdraw money from their accounts, increasing competition in mobile money service.
Telkom Kenya Managing Director Mugo Kibati said the technology company was working with Integrated Payments Services Limited (IPSL), a secure electronic payment company owned by the Kenya Bankers Association (KBA) to link T-Kash and accounts. banking.
IPSL systems allow the direct transfer of funds from one account to another using a central switch. It also supports person-to-person transactions anchored on a central switch linking all local banks and providing retail payment interoperability.
T-Kash already allows sends and withdrawals with KCB and Stanchart.
“In addition to merchant access, we want to make sure that you can access your account from T-Kash in both directions. We work first with the banking switch, IPSL, and also directly with the banks where you You can access your T-Kash account. The idea is to have all the banks connected to T-Kash in a short time,” Mr. Mugo said.
“You’ll see a lot more banks join us, hopefully over the next year.”
It comes after the company announced the launch of a mobile loans service, giving Telkom Kenya customers instant access to microcredit through their mobile phones.
The loan product will be in partnership with a financial institution, which Mugo did not disclose, saying the plan was in the “early exploratory stage”.
Linking T-Kash to local banks will see the mobile money service offer broader services in addition to withdrawing from agents and sending money between different operators, and paying for products and services.
Safaricom has dominated the mobile money space with a connection to commercial banks, investment and savings solutions platforms and
Telkom is also pushing for access to M-Pesa invoices to make its platform fully operational.
In April, Airtel and Telkom Kenya subscribers were allowed to pay for goods and services through Safaricom’s till number, but their access to Safaricom payment bills was delayed until next year.
“Over the next six months, we want to make sure it’s not just about till numbers, but also about access to bills so that T-Kash becomes a fully functional mobile money platform. , fully interoperable and fully accessible, from any bank account and any carrier line,” Mugo says.