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Benefits of mobile money Transfers

19 Jul

In My last post, I wrote about the major role that M-PESA has played in the remittance of money from abroad.

Today I wish to explore some of the Key benefits mobile money transfer specifically the M-PESA platform in regards to sending money to Kenya from the UK .

Convenience

Unlike the banks, the MPESA service is accessible 24/7 and money can be received anywhere given that there are more than 18000 MPESA outlets in Kenya.

Lower costs

The cost of remitting money is very high in most parts of the world with costs ranging from as high as 3% and 10%. Mobile technology can however lower the cost of remittances as it removes the need for physical points of presence and ensures a timely and secure method of transaction.

Security

MPESA  provides unbanked mobile phone users with a secure platform which uses simple, tailored menus on their phone to send fully encrypted and Pin locked messages to a thoroughly audited financial accounting system.

It also eliminates the need to carry cash around once payment has been made to the recipient phone.

Financial inclusion

I believe this is one of the major benefits of mobile money. With severe constraints on the physical infrastructure of financial institutions, a large part of the population is excluded from the formal banking system. With about 840 bank branches around the country, this does not not go far in term of catering for the needs of the more than 38 million people in the economy.

The MPESA system has brought many financially excluded customers under the formal financial system.

 
 

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