Operator-bank partnerships: a case study featuring Safaricom and Equity Bank. Part 1
Posted: January 26th, 2011 | viewed: (1,585) | Comments: ( 0 ) | Topic: Blog Post, MNO - Bank Relationships |
At the end of “Mapping and Effectively Structuring Operator-Bank Relationships to Offer mobile money for the Unbanked,” we include a case study that traces the history of Safaricom’s engagement with banks in Kenya as M-PESA evolved. In the early days, Safaricom placed the cash that agents and customers had converted into electronic value in an account held with the Commercial Bank of Africa; later, to reduce risk, accounts were opened at Standard Chartered and CFC Stanbic for the same function as well.
To offer customers more sophisticated financial services, however, Safaricom elected to partner with Equity Bank, which has an illustrious history of serving the base of the pyramid in Kenya. Together, Safaricom and Equity bank designed and rolled out M-KESHO, which allows customers to access a savings account, credit, and insurance all from their M-PESA menu.
At the recent MMU working group in Kuala Lumpur, John Staley, director of shared services at Equity Bank, and Waceke Mbugua, head of M-PESA marketing, shared with the group how they worked together to forge M-KESHO.
What is M-KESHO?
Equity Bank and Safaricom Before M-KESHO
You can be the first to comment!