Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: Telposta Pensioners to Receive Monthly Dues via Orange Money

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Kenya: Press Releases: Telposta Pensioners to Receive Monthly Dues via Orange Money

Tuesday, 24 May 2011

Nairobi, 23 May 2011 --- Integrated mobile provider Telkom Kenya has today signed a partnership with Telposta Pension Scheme that will see the pensioner’s body dispatch its members’ dues through the Orange Money service instead of using the conventional banking services.

Telkom Kenya’s Deputy CEO Jane Karuku said the partnership extends the convenience Orange Money brings to over 14,000 pensioners who are members of the scheme.

“Having Orange Money is as good as having your bank on your phone. In addition to that, you can also transfer to your dependants, pay bills and all other services that come with mobile money transfer services”, said Ms. Karuku while addressing the pensioners during their AGM held this morning at the KICC.

The pension scheme members will benefit from the wide range of value added services; among them ability to apply for loans from Equity Bank, phone book referrals and also access to withdraw their monthly dues from the over 500 Equity ATMs across the country..

Ms. Karuku said: “With this development, the pension scheme members will have over 3,000 outlets across the country through which they can access their money from; which means they can withdraw their money from the nearest shopping centre”.

“This will cut out the need from them to travel several kilometers each month incurring costs on transport to their commercial bank so that they can access their money”, she added. The company has also waived the transaction fee payable for receiving money enabling the pensioners to save additional costs.

Telposta Pension Scheme General Manager Peter Rotich praised the new service, citing its affordability, convenience and security and mentioned that the Sacco has embraced technology in the execution of its mandate. “It is initiatives such as these that set us apart from other Saccos. We always aim at making life more convenient for all our members,” he added.

“In addition to Orange money, the members will also enjoy making free calls on the Orange network between 10am and 5pm daily, and will soon enjoy the fastest internet speeds on the 3G network,” Ms. Karuku concluded.

Orange Money was launched in November 2010. It stands out from other mobile money solutions because it combines the features of both the money transfer services and the mobile banking.

As of March 2011, more than 115,000 people were already using the service, with projections that the number could go up later in the year riding on the signing of new partnerships that will add to the list of convenient services offered to Orange subscribers.

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