CENTRAL BANK OF KENYA
Remarks by
PROF. NJUGUNA NDUNG’U
GOVERNOR
AT THE
LAUNCH OF THE MOBILE PAY TANGAZA E-COMMERCE AND
MONEY TRANSFER SERVICE
SSAANNKKAARRAA HHOOTTEELL,, NNAAIIRROOBBII
Monday, January 24, 2011

The Chairman and Board of Directors of Mobile Pay Ltd;
The Trustees of Tangaza Trust;
The Management of Mobile Pay Ltd;
Distinguished Guests;
Ladies and Gentlemen:
It gives me great pleasure to join Mobile Pay Ltd and other members of the
financial sector fraternity this morning and to preside over this auspicious
occasion of the launch of another innovation in the Mobile Money Transfer
business.
May I commend the Board, Management and staff of Mobile Pay Ltd, and in
particular, the board of directors of Mobile Pay Ltd for their effort in developing
this innovative mobile money transfer service which indeed will go a long way
towards enhancing financial deepening and inclusion within our financial sector.
Ladies and Gentlemen: Mobile phone technology has in a few years of its
existence demonstrated how financial inclusion can be leapfrogged on a major
scale and in a short time span using appropriate technological platforms. In only
four years of the existence of mobile phone money transfer services; four mobile
phone operators have launched the services and have enrolled over 15.4 million
customers and recruited over 39,449 agents. Total transactions have now reached
Ksh.2.45 billion a day and Ksh.76 billion a month. This reflects the fact that when
cost of transactions decline, transactions increase in volume.
Mobile money transfer services have been a phenomenal success and have put
Kenya at the global centre stage of financial inclusion and innovation. In this
regard, I am confident that the launch of Mobile Pay will ensure continued growth
of the mobile money transfer services sector.
Ladies and Gentlemen: Central Bank will continue to play its role in promoting
a stable and conducive environment for financial innovation to thrive. At the
micro level, the Bank will continue to work with the Ministry of Finance and the
financial sector regulators to promote a sound, safe, efficient and inclusive

financial system and with no room for regulatory arbitrage. In this regard, CBK
will continue to encourage more competitors in the provision of these services
which results in further lower transaction costs for the Mwananchi.
In conclusion, Ladies and Gentlemen, I wish to take this opportunity to
congratulate and commend the Board and Management of Mobile Pay Ltd for
introducing this important mobile money transfer service, which is expected
improve service delivery to all members of the society. Going by its successful
pilot testing, I am sure it will be a successful mobile phone money transfer service.
With these few remarks, it is now my humble duty to declare TANGAZA MOBILE
MONEY TRANSFER officially launched.
Thank you very much.