FinTech

Telkom Kenya shuts down 90% of T-Kash Mobile Money Agents

Telkom Kenya has shut down almost 90 percent of its T-Kash mobile money agent network, reports The Standard.

According to the latest data from the Communications Authority of Kenya (CA), Telkom has shut down 24,946 of the 28,106 T-Kash agents it had at the end of 2019. Telkom registered a 30 percent drop in active mobile money subscribers from 27,837 to 19,607 in the final three months of 2019, bringing its share of the market segment to 0.06 percent.

READ ALSO: Zimbabwe’s EcoCash Scraps Transfer Fees for Covid-19 Relief Cash

Telkom Kenya said it had scaled down its mobile money agent network after evaluating the business and in the face of several challenges. T-Kash was launched in March 2018 following a revamp of Telkom Money. At the launch of T-Kash, Telkom embarked on an aggressive agent recruitment drive.