Agents of Kenya’s M-Pesa mobile money service received KSh.10.6 billion in total commissions for the year to March 2014, up almost 25 per cent on the previous year, although individual agents earn less as more agents join the network. According to a report by Business Daily, Safaricom spends KSh.40 out of every KSh.100 generated from
Bitcoin exchange BitX has launched in Kenya, integrating preferred local financial systems such as M-Pesa and bank transfers to enable efficient international payments. In an interview with HumanIPO, Timothy Stranex of BitX said the company always customizes its service for the local audience when launching in new markets to ensure the service can be used
Equity Bank Group’s investment banking subsidiary-Equity Investment Bank-has announced the signing of a collaborative agreement with global investment services firm, Exotix Partners LLP, as part of its market development strategies. The signing of the agreement, will allow the two Investment Banking players to collaborate closely on their respective research, sales and trading platforms. Based in
In line with its strategic objective of transforming lives through financial inclusion, leading integrated communications service provider Safaricom has announced a targeted reduction of transaction fees levied by the operator on its most popular person to person M-PESA transaction bands. The new tariffs, which are set to take effect from Thursday 21st August, 2014, will
Kenya’s Co-operative Bank has launched a mobile banking service, allowing customers to conduct all their banking via their phones. The service – named M-Co-op Cash – will enable customers to open bank accounts, apply for loans, transfer funds, make utility payments, top-up airtime, as well as make mobile cash withdrawals, reports Business Daily. The bank
Kenya’s government is to launch a digital payment system targeted at promoting accountability for payments within government departments, as well as for payment of government suppliers. Speaking at the launch of the National Treasury’s Integrated Financial Management Information System and e-procurement initiative, president Uhuru Kenyatta said the new payment system will enhance prudence and excellence
Kenyan startup Kopo Kopo has launched external bank transfers, giving their clients another option of withdrawing funds aside from through their Kopo Kopo account to a bank account or M-Pesa wallet. “It should now be easier for you to pay suppliers, landlords, utility providers – you name it! At your request, we’ll transfer the amount
Safaricom Business has partnered with innovative mobility solutions developer- Virtual City, to launch an application that will enhance service efficiency for the Fast Moving Consumer Goods sector. M-Distributr is a mobile app that is available on android devices, enabling sales teams and businesses keep real-time track of sales transactions and deliveries, place orders, and collect
First launched in Kenya in 2007, m-pesa is now used by more than 18 million people across 13 countries to perform banking and money transfer services via mobile phone. Vodacom introduced m-pesa to South Africa in 2010 and while the initial take up was strong with more than one million people signing up, it hasn’t
The Communications Authority of Kenya has cleared Equity Bank to start operations of its mobile phone and cash transfer service before it resolves a petition filed by leading telecommunications provider Safaricom, which is was opposed to the bank using ultra-thin SIM cards. According to the Business Daily, the CAK maintains Equity will only be able
