Nation Media Group, DTB unveil money transfer service
BUSINESS| Aug. 16, 2012, 12:03 p.m.
By Semaj Itosno, Nairobi, Kenya
Kenya’s largest media firm, Nation Media Group has plunged into the money transfer business.
The media House, touted to be the largest in East Africa, has partnered with sister company, Diamond Trust Bank (DTB) (both owned by the Agakhan) to unveil a money transfer service dubbed NationHela.
The card has been operating on a pilot basis among the Nation Media Group staff and this is the official launch to open the service to the general public.
Retailing at Sh500, the card allows customers to send and receive money from anywhere in the globe with the funds being credited straight into their NationHela prepaid Visa cards.
Diamond Trust Bank (DTB) will provide the technology for the service as well as a customer care centre for card/account holders.
According to a communiqué from the company, the NationHela card is available at DTB’s 40 branches.
Nation Media Group CEO Linus Gitahi said the service will serve more than 2.6 million Kenyans who regularly receive money from relatives and friends living abroad.
Gitahi said the prepaid Visa card is unlike any other debit or credit card as it is not linked to a bank account and is compatible with several other money transfer services.
“A user can top up the card through DTB branches and NationHela agents or directly from M-pesa and Airtel Money accounts…upon purchasing the card, users can activate it using their mobile phones by dialing the USSD code *348# and following the prompts,” reads the statement in part.
The card is also retailed at Nakumatt and Uchumi supermarkets across Kenya.
MORE BUSINESS NEWS
Alcatel-Lucent’s rapid growth in AfricaAlcatel-Lucent is growing faster in Africa than on a global level, says VP for Africa Daniel Jaeger. Read More
SAP accelerates shift to the Cloud with 41% revenue growth in third quarterSAP has once again raised its revenue outlook, reporting broad market adoption of SAP HANA and its ‘Run Simple’ strategy validated. Read More
BSE mulls online tradingThe Botswana Stock Exchange (BSE) has kept its innovation promise by experimenting with an internet based trading platform. Read More
Philips launches “Buy Original” campaignPhilips has launched “Buy Original” campaign to highlight the existence of counterfeit products in Kenya and sub-Saharan Africa and empower consumers. Read More
UBA appoints local head for Kenyan operationsThe UBA Kenya Bank Board has announced the appointment of Mr Isaac Mwige as the Bank’s new Chief Executive Officer. Read More
VMware reports third quarter 2014 resultsVMware, the global leader in virtualization and cloud infrastructure, today announced Year-over-Year Revenue Growth of 18% to $1.52 Billion in its financial results for the third quarter of 2014. Read More
CA Technologies study reveals application divideA global study commissioned by CA Technologies reveals that that “Leaders” who are investing in new innovation and development capabilities are growing revenue at more than twice the rate of “Laggards,” creating an Application Divide in the marketplace. Read More
RubiBlu eyes African growthSA-based software firm RubiBlu plans to expand in Africa on the back of significant growth. Read More
MTN Business partners Ghana SME 100 RankingMTN Business has been announced as the headline sponsor of the first annual Ghana SME 100 ranking, an initiative put in place to identify and honour the country's top 100 local Small Medium Enterprises. Read More
FEATURED STORYGrowing African focus on data security
Beachhead Solutions’ new SA and Mauritius country manager explains the challenges and solutions around securing customer data and compliance with new personal information legislation.
BEST READ NEWS
IN DEPTHAfrica lags on digital migration
Only three African countries have so far completed the digital migration process, and serious issues are hampering the migration in other nations.
COMPANY NEWSSchneider Electric off-grid, on-profit solutions to create social change in African rural communitie
Schneider Electric South Africa has set itself a target to create access to energy for 20,000 Africans by the end of this year.SAP accelerates shift to the Cloud with 41% revenue growth in third quarter
SAP has once again raised its revenue outlook, reporting broad market adoption of SAP HANA and its ‘Run Simple’ strategy validated.