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Africa's money transfer at ATMs gets a mobile boost
December 17, 2009
(East Africa) Capital Business reports that Nairobi, Kenya-based Family Bank has announced plans to become one of M-PESA's strongest backers.
According to Capital Business, the money transfer service, which is offered by telecom company Safaricom, will soon allow users to transfer funds via mobile phones, thanks to a collaboration with Kenswitch. The service allows Family Bank ATM cardholders and customers on the Kenswitch network to send money to registered Safaricom M-PESA lines using Kenswitch's ATM infrastructure.
Kenswitch general manager George Wainaina says the joint venture was driven by a need for efficiency, security and convenience:
"The service eliminates the three-step process of withdrawing money from an ATM, then looking for an agent to deposit the money into your M-PESA account, then transferring the money to the recipient."
Family Bank chief executive Peter Kinyanjui says the service could revolutionize the whole aspect of banking in Kenya:
"Chapaa chap chap (the name of the money transfer service for mobile phones) is a first step in improving the face of banking, as it not only allows Family Bank customers but also allows participating Kenswitch member bank customers, whether registered to M-PESA or not, to transfer funds from their bank accounts to M-PESA registered accounts via the ATM channel."
The new service, "Chapaa chap chap" is a product that offers a way of improving the quality and reliability of ATM-based money transfers, Kinyanjui says:
"Mobile phones are the future drivers of the economy and Chapaa chap chap is an irresistible option; an innovative solution that adds a new experience in sending money."
Family Bank has more than 650 ATMs in the region where the service is being offered.
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