Telkom money awaits Central Bank of Kenya nod

By Charles Mwaniki | Business Daily, Kenya January 22, 2018

Telkom Kenya says an approval from the Central Bank of Kenya is the only hurdle left in its bid to launch a newly-designed mobile money platform.

The company last year scrapped its mobile money service saying it needed to upgrade to a more sophisticated and customer-friendly technology.

Chief executive Aldo Mareuse said on Friday that Telkom had completed piloting the product a month ago and is now awaiting the CBK nod before launching it.

“Our platform is now ready, we are in the final stages to get our licence and our hope is to launch the service as soon as we have a licence,” he said.

Before it was decommissioned, Orange Money, as Telkom Kenya’s mobile money service was called, had the lowest customer numbers among the three mobile network operators.

Reviewing the mobile money platform is part of the raft of changes introduced to Telkom Kenya after private equity firm Helios acquired a majority stake in the company in 2016. Once Telkom Kenya relaunches its mobile money service, the company says it will join a scheme where telecom firms are piloting interoperability.

Related stories

AsokoNews Brief

Sign up for the Asoko newsletter, highlighting Africa's top business and investment developments each week