Interoperability: Kenyan Mobile Money Operators to Sets-up Mobile Cash Exchange

Telecom operators in Kenya will create a central pool of funds from which they will draw money to pay each other once mobile money interoperability is in place. Safaricom CEO Bob Collymore said the plan to set up mobile money interoperability was at an advanced stage and would come into fruition within three months.

According to Business Daily, under the plan midwifed by the Ministry of Information, Kenyans will be able to send money across mobile money networks. However, it has until now been unclear how Safaricom, Airtel and Telkom Kenya were going to settle debts incurred as money moves from one network to another.

Collymore explained that the operators had settled on the pool of funds to avoid delays in settling debts, which could have adverse effects on the whole system.