Safaricom and Telkom subscribers will start transferring funds seamlessly and at no extra cost this week, according to the joint statement released by the companies yesterday.
The Kenya big three tech companies namely, Safaricom, Airtel and Telkom came together to work on money transfer interoperability that initiated in March 2018.
The partners who offer Mpesa, Airtel money and T-kash respectively announced commencement of the interoperability yesterday.
They expressed that the last leg between Telkom and Airtel will be rolled out later when everything is all set.
The cost of sending Ksh 1,000 from T-kash to M-Pesa will drop to Ksh 10 from the current Ksh 35 charge, a 71% reduction, and
sending Ksh 1,000 from M-Pesa to T-kash will drop to KES 11 from KES 45, down by 76%.
“Effective October 4, M-Pesa and T-Kash customers will now seamlessly send and receive funds directly to and from their mobile wallets,” read the joint statement in Kenyan weekend editions publication.
The three companies have resolved to keep up the p2p valuing between on-net and off-net exchanges, which means there will be no value distinction when sending cash to other network.
As of now it costs KSh45 to exchange between KSh101 and Ksh500 from M-Pesa to Telkom, while it costs just KSh11 to exchange a similar amount to Airtel and within the network.