The Bill and Melinda Gates Foundation is seeking to launch a free software that will enable Kenyans transact money across different banks and telcos.

The Business Daily reports that the foundation plans to hold talks with Kenya's Central Bank in order to rollout the software known as Mojaloop.

The software will connect the six mobile money providers and 44 registered banks upon securing the necessary regulatory approvals and partnerships with industry players.

"There are three projects typically driven by central banks in three different African countries looking to deploy Mojaloop on a national scale…we will see pilots this year,” Kosta Peric, Deputy Director for the financial services for the Poor initiative at the foundation told the newspaper.

Interoperability

The CBK in April said it welcomes mobile money interoperability due to its benefits to customers but requires that such transactions be secure and efficient.

Founded in October last year, Mojaloop is aimed at allowing interoperability among digital payments.

The software is available free-of-cost, for software developers to adapt and banks, financial service providers and companies to implement.