Visa Tests Money Transfer in Kenya

by Mercator Advisory Group 0

Visa is currently testing a new mobile money transfer service in Kenya, hoping to get a piece of the tens of billions of U.S. dollars sent to the country every year.

The platform will be available to all mobile users irrespective of their network, breaking the current barrier where restriction based on network has slowed uptake.

Subscribers to Visa’s new mobile money product will be able to send money across borders on the company’s network, bypassing telecommunications companies.

Currently mobile money transfer services in Kenya are controlled by local network operators. But the services are limited to subscribers to the same MNO and overseas coverage is limited.

Visa, with its extensive international network, could thwart these efforts if its mobile money platform is successful.

Details of the new service have not been made available at this point.

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