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Co-op targets matatu billions with cashless fares platform
Co-op Bank Consultancy and Insurance head Vincent Marangu (centre) demonstrates explains how to use the new online payments system to Mr Peter Kibugu (left), chairman South B Matatu Sacco, and Mr Harry Thuku, credit chairman South B Travellers Sacco in Nairobi. Photo/COURTESY
Co-operative Bank is taking on rivals Equity’s BebaPay and Safaricom’s M-Pesa with plans to roll out a service that will enable commuters to pay cashless fares.
The top tier lender — majority owned by the co-operative movement — said it is exploiting its close ties with public service vehicle (PSV) savings and credit co-operative societies (saccos) to introduce a cashless matatu payments solution.
