Safaricom plans to launch M-PESA junior product for children who may have access to mobile phones.
“The telco is set to launch two new products. By the end of June 2022, Safaricom will launch M-Pesa Junior Accounts and a virtual debit card for international online payments,” said Safaricom CEO Peter Ndegwa.
M-Pesa has been a very successful model for Safaricom, and the goods that the telco has released later have also been very profitable. We have observed Safaricom’s returns from M-Pesa loan services such as KCB M-Pesa, M-Shwari, and Fuliza.
The telco has announced plans to open M-Pesa Junior Accounts for young Kenyans aged 10 to 18. Individuals who do not have IDs and cannot register for a Safaricom line but have access to the network through SIM cards registered under their guardians or parents.
Kenya has been strengthening its hold on SIM card registration in recent weeks. Customers are being asked to re-confirm their SIM card details as regulators and telcos work to eradicate unlawful activities employing fraudulently registered SIM cards.
Currently, only adults with national IDs are allowed to own SIM cards and have M-Pesa accounts. Children can have SIM cards as well, but they must be registered with their parents’ or guardians’ identification documents.
“We intend to offer an M-PESA Junior Product soon for our children who may have access to mobile phones,” CEO Ndegwa added.
According to Safaricom, the product should be available before the end of June.
