The Business Phone announces above forecast sales of over 750,000 transactions on its payment and ticketing system, Paystream, making its Paystream terminals the fastest growing payment network of its type in East Africa.
The partnership with Kenyan businesses is expected to see a roll out of over 6000 terminals over the next 12 months.
The Paystream terminals went live on 4 October 2008 and are soon due to carry the Company's full range of Paystream payment applications which will mean each terminal will handle mobile phone top-up, money transfer, utility bill payments and instant-win lottery cards.
Sam Ndegwa, CEO of Business Phone Africa, said:
"Using GPRS mobile phone technology in Africa, Paystream enables banks to open virtual branches in remote areas previously inaccessible due to the lack of fixed line payments infrastructure..........Paystream brings the bank to the unbanked."
The Business Phone has teamed up with leading banks to enable debit and credit card payments on the Paystream mobile network.
Graham Gilmour, CEO The Business Phone said:-
"East Africa is the perfect location for our expansion. It is one of the last remaining geographies for high growth. It is heavily populated with a large percentage of the population without bank accounts although there are in excess of 200 million pre paid mobile phone subscribers together with a further 350 million people in areas where coverage is available.
"The company will soon be replicating the Kenyan business model in Uganda, The Democratic Republic of Congo, Nigeria and Tanzania "