The money transfer service owned by a conglomerate of Kenyan banks has missed out on the lucrative M-Akiba bond cash.
This is after delays put a plan to have the system included in the mobile-based bond on hold.
According to a local daily, the interbank money payment switch for 26 lenders, may not be used when the M-Akiba returns on Friday. In the new bond issue, the National Treasury will be looking to raise up to Sh. 1 billion.
Safaricom’s M-Pesa platform handled Sh142 million of the total amount while Airtel Money transacted Sh8 million, underlining Safaricom’s dominance of the mobile money business.
Unlike the mobile platforms that have a daily limit of Sh. 140,000, the banking system can handle person-to-person money transfers from as low as Sh. 10 to a high of Sh. 999,999.
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