Tecno Mobile enters mobile money market in Kenya

Tecno Mobile enters mobile money market in Kenya

Tecno Mobile, a Transsion Holdings mobile phone company has announced it will launch a new mobile wallet service in Kenya.

The company said it aims to empower its customers to make digital payments to small businesses and retailers.

In a statement, Tecno said the wallet, which will turn its phones into payment terminals, will be unveiled mid this month. The move sees Tecno enter a market dominated by Safaricom’s M-Pesa.

“Tecno will be available for download on selected existing device series and will come pre-installed on new Tecno smartphones, including the upcoming CAMON 19 series set to be unveiled in June 2022,” explained the statement.

Besides diversifying into financial services, Tecno Mobile is eyeing the mobile money service to grow sales of its devices.

This has been boosted by a new IDC report which stated that Kenya’s smartphone market has registered growth despite a challenging period for mobile manufacturers due to component shortages.

It also comes at a time when other tech giants such Apple, Xiaomi and Samsung have joined the scramble for the fast-growing mobile money market.

Apart from shopping, the wallet will allow users to pay for data, airtime and bills.

“Consumers can use the wallet to handle their everyday transactions such as paying for airtime and groceries at the tap of a button, as well as access innovative financial services, all on one super-app,” said Tecno.

The mobile money wallet is being introduced through strategic partnerships with unnamed third-party financial institutions.

In May, Tecno Mobile launched a wallet pilot in Nigeria. The company said future launches will include Ghana, Tanzania, Uganda, Code d’Ivoire and Senegal in the second half of 2022.