Nation Media Group, DTB unveil money transfer service
BUSINESSBy BiztechAfrica - 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
Axiologix completes acquisition of iWorld ServicesAxiologix has completed the acquisition of iWorld Services, which delivers retail and wholesale VoIP services, products, and advanced web applications and software tools targeting high growth emerging markets. Read More
African economies on growth curve: reportIn contrast to the rest of the world’s sluggish progress, African economies stand out for their high rates of growth and the effusive confidence they inspire, according to a new report. Read More
NITRA seeks collaboration with regulator, operatorsThe Nigerian Information Technology Reporters Association has called on the industry regulators and ICT players to partner with the association to strengthen industry. Read More
BT accelerates African growthBT has announced a new phase of investments into the rapidly growing economies of Asia Pacific, Turkey, the Middle East and Africa (AMEA) with the objective of accelerating its expansion in high growth markets. Read More
Flexenclosure delivers turnkey data centre to AngolaFlexenclosure has received a large order from ACS Angola Comunicações e Sistemas, one of Angola’s main suppliers of IT solutions and corporate network connectivity. Read More
A new approach to outsourcing in the changed economyIn a newly shaped landscape, a new set of challenges emerges for outsourcing service providers, says T-Systems. Read More
Energy finds in Africa highlight shifts in sector - DHL reportThe recent oil and gas finds in Africa will continue to have a positive impact on local economies, if local African suppliers, service providers and other businesses are geared up to service this growth. Read More
African Large Format Printer market declinesThe large format printer (LFP) market in Central and Eastern Europe, the Middle East, and Africa (CEMA) region declined 10.7% in volume and 5.1% in value year on year in the first half of 2013, says IDC. Read More
BIH sets up First Steps Venture CentreThe Botswana Innovation Hub has officially opened its First Step Ventures Centre, focusing on tech start-ups. Read More
FEATURED STORYGaming app introduces investors to trading
A new virtual stock market app is equipping would-be investors with the skills they need to trade.
BEST READ NEWS
IN DEPTHCorporate cyber security threats of the year
91% of organisations polled suffered a cyber-attack at least once in the past year, says Kaspersky Lab in its security review of 2013.