As the mobile money service takes another competitive edge to serve the unbanked, Essar Telecom Kenya Limited’s yu branded mobile phone service has introduced its mobile money transfer service in Kenya, joining the already existing M-PESA and ZAP money transferring services from Safaricom and Zain respectively.The service branded “yuCash by Obopay” is the latest in services the firm has unveiled and is positioned to change the landscape of mobile money transfer in the country having entered partnership with Equity bank to help those in the rural areas access money at their convenience.Yu is expected to take advantage of the wide area network already established by Equity bank to reach its clientele.Speaking at the launch of yuCash by Obopay, yu’s Chief Commercial Officer, Kunal Ramteke said yuCash will be working to grow it’s countrywide network of agents  in the next two months,  which will allow subscribers transact from anywhere in the country.  

“We have partnered with Equity Bank, who have a large countrywide network,” Kunal said.   “Money transfer is a big opportunity for Africa, which has a large unbanked population”, Jayant Khosla, CEO-Africa for Essar Group said, “It is with this in mind that as we grow into other countries in Africa, we will ensure that this same innovative platform of mobile money transfer will also be utilized across the continent.”  Jayant said the company was working with strong partners who have the ability and capacity to support this continent growth.  Among these partners is Obopay - one of the leading players in mobile banking, mobile payments and technology provisioning internationally, whom Nokia has in the recent past invested in. “We are very pleased with this partnership with Obopay, who was recently one of 26 companies in the world and the only financial services provider to be named Technology Pioneer 2010 by the World Economic Forum for its innovation and transformational technology.” Describing the benefits of the service, Kunal said the service will redefine the way consumers transact money through their mobile phones as the mobile money service continues to expand globally.“yuCash by Obopay displays a host of unique features which enhance the subscriber’s experience over and above just sending and receiving money.One very useful feature is the ability of a consumer to get a complete record of their transactions of the past 30 days – enabling them to keep a clear track on their transactions, eliminating the need to keep a manual record. Yu has also confirmed that other features will be unveiled as yuCash by Obopay begins operations soon.