It is with no doubt that Safaricom is the most popular telecommunication company in Kenya, and its popularity can be attributed to its mobile money transfer service, M-Pesa. Data from the Communications Authority of Kenya show that there are more than 35 million active users of mobile money transfer services in the country. Out of these, M-Pesa users are approximately 25.57 million users, followed by Airtel at 3.77 million.
Most global online business targeting the Kenyan market will have this payment option which means that you can not only transact locally but also international using M-Pesa. Some of the booming global platforms that utilize this convenient payment option are online casinos where can fund your gambling account using M-Pesa and also receive your winnings directly to your phone. M-Pesa casinos in Kenya are convenient and safe since the transactions are processed within minutes, and you don’t have to share your banking details with the casino which protects you from online fraud.
How do Kenyans Use M-Pesa
Although M-Pesa is a service that acts as some sort of financial institution that is aimed at providing a payment system that can be used in the absence of banking networks, it is no surprise that it has remained primarily as a payment tool. As long as you have a registered Safaricom SIM card, you can receive and send money to other SIM users. On the other hand, businesses use the M-Pesa paybill number and till number to allow customers to pay from their sim card. Other uses of Mpesa include;
Apart from sending and receiving funds, you can use the M-Pesa wallet as a banking system where you have the option to save money to Mshwari. M-Shwari, just like a financial institution, also allows you to borrow funds where you will only be charged a one-time fee of 7.5% for each loan. This fee is considerably low compared to the banks’ interest rates. As long as you are consistent in your savings, you can borrow an M-Shwari loan of up to 50,000 KSH. Better yet, the savings in Mshwari also earn an annual interest of up to 5% per annum.
You can top up your airtime balance from your M-Pesa wallet to your SIM card. There is also an option to buy airtime for other phone numbers, including Safaricom and Airtel. Apart from airtime, you can also buy internet bundles directly your Mpesa mobile wallet.
M-Pesa has also created business opportunities for Kenyans. M-Pesa Agents are an extension of the services offered by Safaricom with their primary responsibilities being registering customers to Mpesa, receiving deposits from customers, and helping them withdraw cash money.
M-Pesa usability has significantly increased over the years, and it still remains to be one of the most recommendable mobile payment options in Kenya. The success of M-Pesa can be attributed to its numerous benefits, including excellent customer support, accessibility, and security all which are crucial aspects of a financial service provider.