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19.12.2008 Business & Finance

Zain Introduces Mobile Money Transfer

By Daily Guide
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Chris Gabriel of Zain One of the leading mobile network operators, Zain, is set to launch a mobile money transfer service known as Zap, which is expected to be used across Africa and the Middle East.

A pilot project will roll out in Madagascar, Kenya, Tanzania and Uganda and will replace Sokotele, Zain's initial money transfer service that was in operation in several East African countries.

Chris Gabriel, Africa CEO of the company said, “Zain is addressing issues with the regulators and central banks in the region”, noting that “we hope the process will result in benchmark standards for the sector since the mobile money transfer service is already being offered in some countries”.

“With this service, customers will be able to interact with their banks and access their personal accounts,” he noted.

Customers will also be able to withdraw and deposit money through Zain outlets and transact international money transfers.

Chris Gabriel said discussions with the Central Banks and several other commercial banks were still ongoing to meet the requirements.

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