About six of the association’s 43 member banks have now received regulatory approval to pilot the product and sign up customers.
KBA had planned to launch the switch last August but this failed to happen following delays in getting the green light from the regulator.
The recipient of money transferred through the new platform will get a code from the sender and use it to make payments to another person’s bank account or withdraw the cash from banking agents.
A key plank of this plan is to open the cash by code service to customers with no bank account.
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