Telkom Kenya plans to roll out its mobile money transfer services later this year in a bid drive revenue growth.
The integrated financial services provider says it has applied for a mobile money service license with the central bank and its awaiting approval.
The company which used to operate orange money has launched an aggressive subscriber’s campaign to win back clients in a market highly dominated by rival Safaricom.
Telkom Kenya formerly Orange Telkom terminated its mobile money service orange money in July last year citing low uptake and outdated technology.
By the termination time, Orange money had less than a 1,000 agents facilitating around 80 million shillings transaction in three months according to data from the Communications Authority of Kenya
It says the new platform would be more cost-efficient and will the rollout of more features to compete with the Safaricom owned Mpesa and Aitel money.
The company also hopes the planned money transfer interoperability regime will help it net more subscribers.
So far the company has invested more than 5.5 billion shillings to revamp its infrastructure which has suffered years of under investment by its previous owner France Telkom.
Due to poor network reception the company was fined 300 million shillings by market regulator last year, though it has lodged a protest to CA on the grading parameters.