Tag: mpesa

World turns to Mobile Money in response to COVID-19 Outbreak

World turns to Mobile Money in response to COVID-19 Outbreak

Business, Mobile
Kenya’s largest teleco, Safaricom, will implement a fee-waiver on East Africa’s leading mobile-money product, M-Pesa, to reduce the physical exchange of currency in response to the COVID-19 outbreak. The company announced that all person-to-person (P2P) transactions under 1,000 Kenyan Schillings (≈ $10) would be free starting Tuesday for the next 90 days. The move came after Safaricom met with the country’s Central Bank and per a directive from Kenya’s President Uhuru Kenyatta “to explore ways of deepening mobile-money usage to reduce risk of spreading the virus through physical handling of cash,” according to a release provided to TechCrunch from Safaricom. To encourage the use of digital payments over cash, the East African telecom will also allow SMEs to increase their daily M-Pe

African E-Commerce giant Jumia partners with Posta Kenya for offline pick-up points

Business, Mobile
Kenya’s leading online mall, Jumia has partnered with Posta Kenya to allow its customers to pick up items they purchase on the website from Post offices across the country. Parinaz Firozi Managing Director, Jumia Kenya said, “We are delighted that our customers can now pick up items they order on Jumia from selected Post offices across the country, this is a new direction in providing a stress-free, safe and convenient shopping experience.” Customers can select the option to pick-up products from a Post office closest to them during the checkout process, the product(s) will be dispatched to the selected office and customers can pay for the items via cash through Postapay or Mpesa during pick up. Postmaster General/Chief Executive Officer Dr. Enock Kinara said, “We are happy to be part
Uber Nairobi is Now Accepting Cash and Mobile Money Payments

Uber Nairobi is Now Accepting Cash and Mobile Money Payments

Business, Mobile
Uber Nairobi just launched a cash payments experiment, making it the second city in which it is doing this. It is not unlike the experiment they began in Hyderabad, India, in May 2015, reports TechCabal “Uber the innovative smartphone app that seamlessly connects riders to drivers, has launched a cash test pilot in Nairobi, Kenya today”, the official release dated the 4th of June (today) stated. All the rider has to do is select the cash payment option when they take a ride, and hand over the money to the driver at the end of the trip. And it’s not just cash payments. Via email correspondence with an Uber representative, TechCabal has learnt that riders in Nairobi will also be able to pay using the mobile money options including M-Pesa and Airtel Money. Why is Uber experimenting with

4 Reasons Why Locally Hosted Safaricom’s M-Pesa G-2 Platform Upgrade Is A Really Big Deal

Business, Mobile
As reported on MosesKemibaro.com If all goes according to plan, Safaricom’s much anticipated M-Pesa platform upgrade this weekend will open a new chapter of mobile money innovation where Kenya continues to lead the world since 2007. There is no doubt that M-Pesa has become a behemoth with close to 20 million users, 81,000 Agents and billions of shillings transacted every month in Kenya. Personally, I cannot recall a recent time where I went to pay in person for various essential services in cash over the past 5 years or so since M-Pesa became de facto for a myriad of services and products in Kenya. M-Pesa has indeed become a way of life even though hitherto its been somewhat clunky and inflexible in terms of how it works? Hence, the migration to the second generation or ‘G-2′ M-Pesa plat

Mobile Money Transactions Hit Sh2 Trillion in 2014 in Kenya

Business, Mobile
CapitalFM: Kenyans sent over Sh2.146 trillion shillings using mobile money system in 2014, surpassing the Sh1.8 trillion 2014/2015 national budget.  According to statistics provided by the Central Bank of Kenya, there were 825 million mobile transactions up to November 2014, compared to 732 million transactions in 2013. Kenyans made an average of 75 million mobile money transactions in 2014, with October having the highest number of transactions at 82 million. Mobile money transaction in Kenya has grown exponentially. In 2007, the total amount of money that moved across the mobile system, was Sh16 billion. M-Pesa has the largest market share with 17 million active users. Airtel Money and Orange Money have 3.8 million and 2.1 million subscribers respectively. Equity’s Equitel has signed

Digital Currency Regulation in East Africa

Business, Mobile
What is Bitcoin? – A puzzling question posed by everyone coming across Bitcoin for the first time. The Bitcoin Kenya Meet up group regularly convenes at the iHub for monthly open discussions on this subject. The discussion on November 5 was ‘BitLegal Status Around the World’ – a cursory look at what regulators and government authorities all over have to say about new forms of digital currency. It is important as it defines a domain for regulators in East Africa. Interestingly, regulators just like regular folks, have trouble wrapping their head around ‘What is Bitcoin?’ Writes a Guest Blogger Michael Kimani on iHub IMO, Bitcoin is what Nassim Taleb - a scholar, refers to as a black swan– “An event that comes as a surprise, has a major effect, and is often inappropriately rationalized afte

‘Thin SIMs’ set to transform African mobile money

Business, Internet, Mobile
Kenya’s mobile money industry could undergo a serious shakeup thanks to new technology. A Kenyan bank is rolling out its own mobile network using a new paper-thin SIM card that sits on top of an ordinary SIM. But industry leader Safaricom says thin SIMs could lead to data theft and fraud. Reports Hilary Heuler on HowweMadeitinAfrica For years mobile money, perhaps Kenya’s most successful invention, has been transforming the way Africans do business and send money home. The service was launched by Kenyan mobile operator Safaricom, and in Kenya, Safaricom’s M-Pesa enjoys a near-monopoly when it comes to transferring money via mobile phones. But now the company could be facing its first serious challenge, in the form of a new technology that threatens to upend the mobile money sector.

Kenya’s Equity Bank Determined to Challenge MPesa Monopoly with Thin Sims

Business, Mobile
In a move that’s set to revolutionize mobile money in Kenya and change the status quo of Kenya mobile money kings, Equity Bank through it’s supplier Taisys announced it will be issuing a ultra-thin mobile banking smart SIM. Reports techmoran.com Though it has been bone a long journey to these baby steps, Equity Bank will begin issuing the thin SIMs to its customers to transfer funds, do micro-payments and other mobile financial services using Taisys’s “mBanking” and “duoSIM”technology. Though approved by Communications Authority of Kenya, Equity Bank’s Finserve Africa or Equitel to the public, the ultra-thin smart SIM – duoSIM – which are to be directly attached the surface of an existing telco-issued SIM, and placed into the mobile device have raised questions on the safety of the peopl

Kenya’s Equity Bank Allowed to deploy is Mobile Virtual Network Operator (MVNO) services

Business, Mobile
Financial provider, Equity Bank has been allowed to deploy its mobile phone banking and cash transfer service over a one-year trial period. Reports CNBC Africa   Equity Bank has been allowed to deploy its mobile phone banking and cash transfer service over a one-year trial period. PHOTO: Getty Images After much deliberation the Communications Authority of Kenya (CAK) gave the lender, which is Kenya’s largest financial institution by customer base, the green light to roll out its SIM card technology in order to roll out its Mobile Virtual Network Operator (MVNO) services. This is despite, the country’s largest telecommunication network, Safaricom, arguing that the SIM card poses countless security threats and should be subjected to independent audits. (READ MORE: Kenya's Equity

Safaricom slashes M-PESA charges by up to 67 percent, in a bid to counter Equity Bank entry in the mobile money market

Business, Mobile
Safaricom has announced a reduction of transaction fees levied by the operator on M-PESA on the low and medium transaction bands, this is in line with its strategic objective of transforming lives through financial inclusion. The new tariffs, which are set to take effect from Thursday August 21, will see transaction fees reduced by up to 67 percent in the low and medium tiered bands which include the transfer of amounts ranging between Sh10 to Sh1,500. While making the tariff revision announcement, the operator also signaled that it had rationalized the tariffs for sending higher amounts exceeding Sh1,501 to be an average of 0.8 percent of the transaction value. “We have spent a considerable amount of time analyzing M-PESA usage trends and we have established that over 65 percent of all