NAIROBI, Nov. 11 (Xinhua) -- Middle East and Africa's mobile phone operator, Zain, has announced plans to introduce mobile money transfer service that will initially see its customers in Kenya, Uganda and Tanzania send and receive money over the borderless network.

    Zain Africa CEO told a media briefing in Nairobi on Tuesday that the ZAP service is one of the innovations that the group is set to launch later this month as it seeks to reach its target to become one of the top 10 global telecom brands with a six billion U.S. dollars EBITDA rating by 2011 and a 110-million-strong subscriber base, up from the current 1.3 billion dollars and 50.7 million subscribers respectively.

    "We are in the final stages of finalizing regulatory issues with the Central Bank of Kenya and Communications Commission of Kenya so as to launch the product which will take place later this month," Gabriel told journalists in Nairobi.

    Zain, the Kuwait-based phone company with units in 22 African and Middle East nations, said it will base its African business in Nairobi and plans further acquisitions on the continent.

    The company has already opened an office in the Kenyan capital and Gabriel said it will be fully operational with about 100 staff members by the end of the year. Gabriel told journalists in Nairobi that until now, Zain's 15-nation Africa business has been run out of Amsterdam and Bahrain.

    "Kenya is a very good market," Gabriel said, adding that the country's central location and regulatory environment had led to its selection.

    Gabriel said the company is considering opportunities in countries such as Cote d'Ivoire, Rwanda and Mali and is willing to start new operations or buy existing ones, he said.

    Zain has previously stated it has 4.5 billion dollars to spend this year on three or four acquisitions across Africa and the Middle East.

    "Africa is the growth engine of the future. We see enormous potential across Africa."