Zain is set to relaunch its money transfer service ‘Sokotele’ in the beginning of 2009 under the brand name ‘Zap’. Rene Meza, Managing Director of Zain Kenya, said that the delay in the re-launch arose since they had not met the full regulation requirements by the Central Bank of Kenya. You will be able to go from your mobile phone to your personal bank account in any of the local banks you may operate with, bring money from your personal bank account to your virtual wallet or hand set and send that money to a person in Nakuru,†Mr Meza explained.
Further he said that discussions with the Central Bank of Kenya and several other commercial banks were going on to meet the requirements. This service enables subscribers to withdraw and deposit money through Zain outlets and transact international money transfers. It will be a comprehensive mobile banking solution that will go beyond the money transfer. Customers will be able to interact with their banks and access their personal accounts,†he added.
Mr Meza states that the mobile phone service market had become more competitive with the entry of Telkom and yu. “Tariffs might continue to go down although it is not sustainable for a long time because the investment needed is pretty much high,†he added. The global economic credit crunch has also affected the mobile telephony with reduced spending and dwindling credit.