where to buy sildenafil citrate online

RSS
 

Mobile Money in Kenya

09 Jul

M-Pesa in which the M stands for mobile and Pesa is the Swahili word for money is the forerunner for mobile bases money transfer and micro financing in Kenya. Launched in 2007 by mobile network Safaricom, the service grew phenomenally and reached 17 million subscribers by the end of 2011 and continues to grow. M Pesa has a wide range of services that enable users to deposit and withdraw money, transfer money to non subscribers, pay bills, purchase airtime and of late access various banking services provided by Kenya’s Equity bank. For Kenyans based in the diaspora who want to send money to their loved ones send money through remittance companies like Mukuru.com who will avail the funds through M-Pesa. The industry is growing and there is stiff competition for market share from rival mobile operators. Another big player in the mobile money industry is Airtel Money which offers bank transactions as well as ATM cash withdrawals as well as withdrawing from an agent. The increased competition has fuelled innovation by the companies to bring out products and services that will have them stand apart from the rest. Yu Mobile powered by the Essar group launched its yuCash service with features that made it stand out from the other two competitors. On top of the standard features of mobile money it offered a request money service where a registered user can initiate a transaction by asking for a certain amount of money from another user. These extra services also include transaction history, short message with transactions, online help and the ability for users to build their own money networks.

The success of mobile money in Kenya has been nothing short of phenomenal. In just over four years, a country with only 1,072 bank branches has seen the number of agent outlets providing mobile money service grow to 46,000. People have access to financial services as never before, such that the proportion of the population which is completely excluded from financial services is lower in Kenya than any other African country except for South Africa. They say paying for a taxi ride is easier in Nairobi than in New York. Mobile money has been very successful in Kenya because it has been fast, easy, safe, convenient and inclusive of the whole Kenyan population. This encompassing of all economic brackets and the ability for even the non educated to understand and use such products have made mobile money a dominant finance platform in the country.

 
 

Leave a Reply