Money Markets
Transport secretary Michael Kamau rides on a 105-seater double-decker
bus on Mama Ngina Street after the launch of Co-operative Bank’s M
Nauli, a PSV cashless fare card, in Nairobi on Friday. JEFF ANGOTE
By DAVID HERBLING
Co-op Bank plans
to increase the scope of its commuter cards to include cashless
payments of county levies including parking and trade permits.
The bank says it is holding talks with county governments to
allow use of its prepaid cards dubbed M-Nauli to pay for services such
as car parking, trading licences and land rates.
“The bank is still refining the product and in the
near future it will be used to pay for other services such as parking
fees, market stalls fees, ticketing and other micro payments,” said
Gideon Muriuki, Co-op Bank group managing director.
“The M-Nauli tag is versatile as it accepts cash,
card and mobile money from all networks; it works both online and
offline guaranteeing no delays,” said Mr Muriuki at the launch of the
card on Friday.
Co-op Bank said the deal will allow users to make
payments to local authorities by tapping their cards on a mobile point
of sale (mPOS) and be issued with a receipt.
M-Nauli is fashioned as a tag that can conveniently
be stuck on a phone, a key-holder or bag. It contains a chip which runs
on the ‘‘tap and go’’ technology.
It comes at a time when lenders are locked in a
fight to automate and collect revenue for Kenya’s 47 county governments
where they will earn commissions based on collections.
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