Banks get CBK backing to launch own mobile cash transfer system

The Central Bank of Kenya (CBK) has given six banks the green light to launch a mobile money transfer platform, heralding a new dawn in the highly competitive and lucrative financial services market segment.

The Kenya Interbank Transaction Switch, which has been developed by the Kenya Bankers Association (KBA), will, among other services, facilitate real-time transfer of money between banks without going through mobile money platforms that are owned by the three telecom firms.