KCB to handle Safaricom’s M-Pesa cash

Safaricom CEO Bob Collymore (left) with his KCB Group counterpart Joshua Oigara. PHOTO | CORRESPONDENT | NMG

What you need to know:

  • Major agents of Safaricom can now purchase float (virtual cash balances) for onward sale to agents from the KCB.
  • The bank becomes the second trust account after CBA Group.
  • KCB will now have access to this network of Safaricom partners who transact huge amounts of money every day, with the telco’s ultimate plan being appointing one super agent in every 10 kilometres.

Telecoms operator Safaricom has appointed KCB Group as a trust account holder for its mobile financial service M-Pesa in a deal which will see the lender benefit from a pool of cheaper deposits.

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