You know, every company now is thinking of launching of a Mobile Money transfer system with Equity Bank. None is thinking of partnering with KCB, CO-OP, Consolidated, Barclays, National or the others. We witnessed Orange and Safaricom all partnering with Equity Bank before. Yu Just joined the fray and now they have Yu-Cash with Equity.
Yu-Cash has now been linked to Equity Bank accounts and so you can do mobile transactions through your phone. You will only though enjoy the service if you are an Equity client. Again before Yesterday, you couldn’t transfer money from Yu-Cash to other mobile operators / networks. That has been taken care of and now you can send and receive money from any mobile operator.
Equity Bank CEO says that the partnership is more of a way to bridge the gap between the banked and the unbanked while Essar Kenya CEO said that he sees the partnership as a way of delivering services of choice of the ordinary Kenyans. Of course we know that Yu-Cash is powered by Obopay.
Essar CEO, Mr Atul Chaturvedi said, “only yuCash gives you five channels through which you can transact, including The Internet (WAP), SMS, Voice,USSD as well as the now commonly used SIM Tool Kit. This means that even when you travel abroad, you can still access your yuCash account and take care of emergencies at home at the same competitive local rates”
To get the new service, Equity Bank Customers with individual Current or Savings account will have to sign a yuCash Mapped Bank Account Request. The approval will then be done on the spot. For Linked Bank Account the bank customers will only require to have a yuCash account and sign the Linked Bank Account request form.Yu-Cash is available to all Mobile numbers in Kenya.