Mergers, Acquisitions and Financial Results

Simba Telecom in association with USAID's Rural Savings Promotion & Enhancement of Enterprise Development have launched a local money transfer service, dubbed Simba Cash.

The service will be accessible at over 60 Simba Telecom outlets across the country.

Unveiling the service on Monday, Group Chairman Patrick Bitature said those transferring money will go to any Simba Telecom outlet, where they will deposit the cash and get a password.

After depositing the cash, the sender will then notify the recipient who will go to the nearest outlet and on presenting the password and identification, will be handed the cash. Transactions will be charged at 4 per cent on average.

Said Bitature: "Unlike the other bigger banks and money transfer services, we are trying to focus on the non-banked local populations, with a key focus on addressing affordability issues, that have kept many people from using conventional money transfer services."

USAID Development Finance Specialist Jackie Wakweya said her organisation was keen on supporting private sector enterprises to develop innovative solutions that especially address increased access to financial services by those in need of them. She said Simba Cash was a step in the right direction.

"We are looking at tapping ICT and especially the telecommunications sector to take financial services to rural areas," Ms Wakweya said. The new service is nearly similar to Safaricom's M-pesa in Kenya where money transfers are carried out using mobile phones.

The Monitor