Essar Telecom Kenya which operates under the brand yu, has tied up with Obopay for a mobile money transfer service. Called ‘yuCash by Obopay’, the service has Equity Bank as its banking partner. Jayant Khosla, CEO-Africa for Essar Group said that they intend to ensure that the same platform will be utilized across Africa. The companies are currently focusing on building a countrywide network of agents, which will allow subscribers to transact from anywhere in Kenya.
yu is the fourth GSM operator to be launched in Kenya. Essar Telecom Kenya, which is a joint venture between Essar, which has a 80 percent stake in the company, and Econet Wireless International. In August it announced a successful national network coverage rollout in Kenya in less than a year of operation, and has set a target of 2 million subscribers by March next year. Essar also owns 51 percent of Dhabi Group’s Uganda and Congo Brazaville telecom networks which it bought for $150 million in November.
In India Essar owns a 33 percent stake in Vodafone Essar India and indirectly holds a 9.9 percent stake in Loop Telecom (earlier BPL).
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