Jambopay on track to offer mobile money

Webtribe, the company behind Jambopay, could soon start offering mobile money services.

The firm, in July last year, applied to start operating as a Payment Service Provider (PSP). This will enable it to venture into electronic retail services that include mobile money as well as bank debit and credit cards.

Central Bank of Kenya, in a letter dated September, said it approved the list of proposed directors and senior management, which would mean the firm is close to getting an approval to start operations as a PSP.

“Further to your application date July 4, 2018 for authorisation as a PSP, we wish to advise that the bank has completed vetting your significant shareholders, directors and senior managers in accordance with the "Fit and Proper" criteria as required by… the National Payment Services Regulations, 2014,” read the letter by CBK’s Anne Wariga, the acting assistant director, payment services to Webtribe’s legal office.

Jambopay, already offering payment services to corporates, will be looking to make a foray into retail.