Zain Pilots Zap Money Transfer Service

Zain is set to launch a mobile money transfer service known as Zap, which is expected to be used across Africa and the Middle East.
The pilot project will roll out in Madagascar, Kenya, Tanzania and Uganda and will replace Sokotele, the company’s initial money transfer service that was in operation in several East Africa countries.
Chris Gabriel, chief executive officer, Zain Africa said that Zain is addressing issues with the regulators and central banks in the region. “We hope the process will result in benchmark standards for the sector since the mobile money transfer service is already being offered in some countries,” he said.
Also speaking about the service in Nairobi, Rene Meza, managing director said it will be a comprehensive mobile banking solution that will go beyond money transfer. “Customers will be able to interact with their banks and access their personal accounts; customers will be able to withdraw and deposit money through Zain outlets and transact international money transfers,” he added.
Meza informed that discussions with the Central Bank of Kenya and several other commercial banks were going on to meet the requirements, adding that Zap will offer added services to clients in collaboration with local commercial banks.
“We expect to launch Zap early next year, the infrastructure is in place and is functional and operational; and is already being used by 80 percent of our customers through the 2,000 outlets in the country,” he said.