The M-PESA revolution
Rewind to 2007, 6 years before the launch of the M-PESA on 6th march 2007. Do you remember how difficult it was to transfer money? You may not but I have a few memories of my own.
Remember money-order service offered by the postal corporation? Do you remember how money had to be send via relatives or a bus driver? Do you remember how it was queuing to settle Electricity and water bills? Basically I am referring to the old dark days before the M-pesa sun rose and its rays lit Kenyan lives. M-PESA is big and we love it dearly.
Since its inception, M-Pesa has seen phenomenal growth with statistics available in the official Safaricom web site revealing that as per 1st march 2012, M-Pesa had 14,652,593 million active M-PESA users http://www.safaricom.co.ke/mpesa_timeline/timeline.html
This was about 4 days to the service’s 5th birthday
I would like to explore some of the things that M-PESA can do.
1) P2P transfer (person to person) this basically covers the transfer of e-money from one person to another. It has even changed the way we speak. Such phrases like can u m-pesa me…I will m-pesa you, have found way into our daily conversations. It is effective and fast, think of that relative who is stuck in a bus terminus somewhere because, matatu operators have decided to increase the fare arbitrarily, you m-pesa. Think about that person who is stuck in an outpatient clinic but can not afford the consultation fee of 100ksh, you m-pesa
2) Cash in deposits and cash out withdrawals. M-PESA has a vast network of agents. This ensures that it is easy to deposit money into your m-pesa account as well as withdraw. The success of m-pesa largely relies on the availability of reliable M-PESA agents. Unlike its competitors, the m-pesa agent foot print is almost in all corners of Kenya.
3) Buy Airtime and data bundles. Long gone are the days when you had to have a physical recharge voucher in order to top up your phone. The dynamic feature assures the account holder availability of airtime whenever, wherever they are. The beauty of this, you can purchase airtime for your own number as well as another person. A recent inclusion into the dynamic fold and ever-growing array of services offered under m-pesa is the purchase of data bundles for Safaricom numbers.
4) Pay bill services (C2B: customer to business). Personally, I hate queues. Once you have deposited money into your m-pesa account it is very easy to settle bills. For example Kenya power bills, Nairobi water, selected hospitals and clinics, bars, Air tickets and all this is from the comfort of your sitting room or office. It would take less than two minutes to settle that bill, whereby in different circumstances you would have to queue for hours on end to do the same.
5) Bulk payments (B2C; Business to customer) This is revolutionary solution tailor made for businesses who need to send money to their employees, shareholders etc. An example would be a company that has a large number of casual laborers. The account administrator loads the numbers to be paid and the corresponding amounts, and Voila all wages are paid at the same time. No queues and time consuming signing of books at the cashier’s office.
6) IMT (international money transfer) It is possible to remit funds directly from the diasporas into a customer’s m-pesa account. The sender visits an appointed IMT agent in the specific country e.g. Western Union. The agent then deposits the funds directly into the m-pesa customer’s account. It sis a real-time process.
7) ATM withdrawal. I should have covered this under agent deposits and withdrawals but I felt that it needed more bone. In the absence of an m-pesa agent, for example late at night or by choice, an m-pesa customer can withdraw funds from a partner banks ATM. Some of the banks include equity and Diamond trust bank.
How do I become an M-Pesa agent?
M-Pesa tariffs
*This information is obtained from the Safaricom agent bulletin magazine (Lugha ya M_PESA : April-June 2013 edition)
*Safaricom website www.safaricom.co.ke
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