Kenya: Telkom Kenya Partners With Equity Bank to Launch Orange Money
By Nicholas Tago
NAIROBI----The mobile money transfer sub-sector went a notch higher yesterday following the launch of Orange Money, a partnership between Telkom Kenya, a leading telecommunications services provider and Equity Bank, Kenya’s fastest growing commercial bank.
The product-dubbed Iko Pesa (Kiswahili for there’s money) is billed as the most versatile service in the market so far, combining features of money transfer and mobile banking services. Following the signing of the partnership agreement between the two institutions, the product will be powered by Equity Bank’s mobile money transfer platform, Eazzy 24/7.
Customers’ SIM cards and bank accounts will have a banking software embedded in them, making it possible for customers to literally run their bank accounts from their mobile handsets.
“This is an exciting day for Orange since its entry in Kenya two years ago. Today, we unveil our single most important innovation of the year-the unrivalled mobile money transfer service that we have aptly named Orange Money”, said an elated Mickael Ghossein, Telkom Kenya Chief Executive. “For us, the launch of Orange Money in Kenya today brings with it very exciting prospects for our customers as it denotes the introduction of a money transfer service that has been expressly designed to address and exceed all the areas that the consumers need in a mobile money transfer service.
Deputy Prime Minister and Finance minister Uhuru Kenyatta, who presided over the launch, praised the two organisations for combining their collective strengths to meet market needs with a versatile product that is easy to use and comes at an affordable rate.
“The advent of mobile money transfer solutions in the market has seen an increase in the number of people who can access financial services, leading to inclusivity. Orange Money is therefore a welcome innovation, as it will give Orange and Equity Bank customers more conveniences as they run their bank accounts from their handsets”, said Kenyatta.
Orange Money will allow customers to send money to any mobile network. The platform allows customers to look up the phone book when transferring money, thus eliminating the possibility of transferring money to the wrong person. A multiple of transactions will be allowed per day, with an initial limit of Shs 100,000 (US$1,250). Additionally, customers will also use the service to pay their utility bills.
Equity Bank CEO James Mwangi said Orange Money will soon be introduced into the Ugandan market, where both France Telecom and the bank have a foothold in line with the group’s strategy to launch the Orange Money service in several markets within Africa.
The product was launched at a colourful ceremony attended by among others, Central Bank of Kenya governor Prof Nuguna Ndungu, Information and Communicattions Permanent Secretary Dr Bitange Ndemo, Investment Secretary Esther Koimet, Communications Commission of Kenya director-general Charles Njoroge and chair, Parliamentary Committee on Energy and Communications Eng James Rege.