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Mobile Payments

Zain's Zap SMS m-banking service ready to be launched in Kenya

Thursday 12 February 2009 | 05:13 PM CET

Kenyan mobile operator Zain is set to launch the Zap money transfer. Zain\'s plans are at an advanced stage, with a possible launch date set for the next week, following a go-ahead from the Central Bank of Kenya (CBK) for the service to start operations.

The service has recently been approved by the CBK, according to sources close to the company cited by Kenyan newspaper Business Daily. In December 2008, the operator postponed the re-launch of its Sokotele money transfer under the Zap new brand until the beginning of 2009 because it did not meet the full regulation requirements set by the CBK.

With Zap, customers will be able to use money from their bank accounts, as well as facilitate payments to third parties. Zap users will be able to make withdrawals and deposit money through Zain outlets as well as conduct international money transfers. Zain has teamed up with Standard Chartered Bank in order to set up Zap. Zain’s Zap service will compete with Safaricom M-Pesa money transfer service which has recently launched a service to enable users to pay for utility bills.


 

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