MFS - Tug of War between Banks and Telcos.

Mobile Money is booming across the globe with a success story to shout about in every country. Kenya is an innovation and technology hub for Mobile Money since the launch of M-Pesa in 2007, which alone managed to flow 43% Kenya’s GDP with over 237 million p2p transactions.

Other countries are showing similar results too; with smartphone and data penetration growing, customers are now finding it convenient & secure to do transactions online or through their smartphones.

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Transition from Multi-Channel to Omnichannel Banking

MFS’ bastion of disruption has been built on two key principles of “Moving currency electronic” and “multi-channel”. MFS, in essence, is a “middleman” that doesn’t own anything – it simply facilitates convenient access to fundamental monetary services and range of Value added services through its multi-channel APIs with core peripheral systems viz. CBS, Remittance hub, merchant systems, in platform and so on.

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