Banks launch firm to take on M-Pesa’s mobile cash dominance

Commercial banks have set in motion plans to set up a mobile money transfer platform, taking the battle for the fast-growing transaction revenues to the doorsteps of telecoms operator Safaricom’s M-pesa.

The Kenya Bankers Association (KBA) yesterday unveiled Integrated Payments Service Limited (IPSL) — the company that will facilitate direct transfer of money between banks without going through M-Pesa.