Zain has announced the roll-out of Zap, an initiative to bring mobile banking to millions in Africa. It looks like Safaricom will now have some serious competition. AllAfrica.com has the details:
Providing the most comprehensive and accessible package of mobile banking features currently available on the African continent, Zap will be initially available in Kenya and Tanzania prior to the launch in Uganda.
Zap represents the most comprehensive mobile banking service ever launched and will provide millions of people with access to banking for the very first time.
Zain is partnering with leading international and regional banks, including Citigroup and Standard Chartered to launch Zap, which will allow Zain customers in the three countries - with others to follow - to use their mobile phone to: pay bills and pay for goods and services, receive money and send money to friends and family, send and receive money to the bank accounts, withdraw cash, top up their own airtime account or top up someone else's, send airtime to Zain customers in Africa, and manage their bank accounts.
(Hat tip: White African)