Kenya: Mobile banking increases with Zain

  1. Posted on Monday 1 March 2010 - 18:59
    Maleli
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    Yussuf Maleli, VoicesofAfrica mobile reporter in Kibweiz, Kenya
    The so-called Pocket banks is steadily increasing in Kibwezi, eastern Kenya, where Telecom company Zain recently joined other mobile service providers in offering tele-banking services. Known as Zap, these banking transactions take place on and with the mobile phone, and ends the complicated and out-of-reach bureaucratic system that had kept the lower classes away from banks.
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    ‘I opened this shop two months ago and I am expecting more clients because many people have assured me they will come for registration’, says Mrs. Magret Mutisya a Zain representative in one of the outlets in Mtitoandei town.

    The new zap service resembles the existing ones, like Mpesa by Safaricom. Mr. Joseph Kaunda has already registered with the Zain service: ‘It has helped me very much; I am also a subscriber of Safaricom, now am doing comparison and for now I think Zap is cheaper for me. The requirements for registration are just an identification card, or passport and to be above eighteen years’.

    This means that competition has started, and that the beneficiary will be the end user.