Rebranded telecommunication firm, Telkom, has launched its mobile money platform eight months after changing its name from Orange Kenya.
Telkom has introduced T-Kash, a rival platform that will now compete against Safaricom’s M-Pesa and Airtel’s Airtel Money.
T-Kash replaces Orange Money which was pulled off the market in July last year.
Telkom Chief Executive Officer Aldo Mareuse in a statement on Monday said the firm’s mobile money platform will offer its customers convenience, privacy and an alternative mobile money platform.
“We are offering a viable alternative mobile money service to our customers. Value, convenience and security as well as reliability are at the core of our proposition,” he said as quoted by the Star.
Telkom has enrolled 20, 000 agents across the country to facilitate its customers carry out their transactions on the platform.
With T-Kash, subscribers can withdraw their cash from ATMs using an eight-digit code. They will also be able to buy goods or pay for services from as well.
T-Kash is unique in the sense that the eight-digit code generated upon initiating the withdrawal transaction will be used by the agent or the ATM to complete the transaction once it’s keyed in.
Anuj Tanna, Telkom Director for Mobile Financial Services noted that “The code eliminates the need for an agent number or till number, simplifying the process and cutting down the time spent executing transactions.”
The cost of its withdrawal transactions costs Sh30 from its 19 transaction bands which start from Sh1 to Sh70, 000 with maximum transaction capped at Sh140, 000.
The CEO said the firm has injected Sh1 billion in the new platform with hopes to grow its customer base from the current four million.
Last year, Telkom spent Sh5 billion in upgrading its infrastructure including migration to 4G network.