M-Pesa is a pioneer in the world of digital and mobile money payments, and it has played a significant role in the growth of this industry in Kenya and the whole of Africa. Launched in 2007 by Safaricom, a leading telecommunications company in Kenya, M-Pesa has evolved into a household name in the country and has spread to other parts of the continent, including Tanzania, South Africa, and several other countries. The launch of the M Pesa App has even helped skyrocket the company's success over the years.
At the peak of its success, M-Pesa has over 30 million registered users in Kenya alone, which is about 70% of the country's adult population. This level of adoption is quite impressive, especially when you consider that Kenya is a developing country with limited access to traditional banking services. M-Pesa has filled this gap by providing a simple and convenient way for people to send and receive money, pay bills, and access financial services.
But M-Pesa's impact goes beyond Kenya. It has inspired the development of similar mobile money systems in other countries and has paved the way for the growth of digital and mobile payments in Africa. Today, mobile money is used by more than 500 million people across the continent, and it has transformed the way people handle financial transactions.
One of the key reasons for M-Pesa's success is its simplicity and ease of use. All you need is a basic feature phone and a SIM card, and you can start using M-Pesa to send and receive money, pay bills, and access financial services. This is a game-changer for people who don't have access to traditional banking services or live in remote areas.
Another factor contributing to M-Pesa's success is the strong network of agents that it has built over the years. M-Pesa agents are located in almost every corner of the country, making it easy for people to deposit and withdraw money, even in the most remote areas. This network has also been instrumental in driving M-Pesa's adoption in other countries where it operates.
But M-Pesa's success is not just limited to its convenience and accessibility. It has also contributed to the economic growth of Kenya and the broader region. According to a study by the Bill & Melinda Gates Foundation, M-Pesa has helped to reduce poverty levels in Kenya by providing people with an alternative source of income and access to financial services.
The study also found that M-Pesa has contributed to the growth of small and medium-sized enterprises (SMEs) in Kenya. Many SMEs have adopted M-Pesa as a means of payment, and this has helped to increase their revenue and expand their customer base. M-Pesa has also enabled SMEs to access credit and loans, which has helped them to grow and thrive.
In addition, M-Pesa has played a crucial role in the growth of digital and mobile payments in Africa. It has inspired the development of similar systems in other countries and has paved the way for the growth of this industry across the continent. Today, mobile money is used by more than 500 million people in Africa, and it has transformed the way people handle financial transactions.
So, as you can see, M-Pesa has reached the summit of success and has made a significant contribution to the growth of digital and mobile payments in Kenya and Africa. It has provided a simple and convenient way for people to send and receive money, pay bills, and access financial services. It has also contributed to the economic growth of the region and has paved the way for the growth of this industry across the continent.
9 Things You Can Do With the M Pesa App
Here are some of the things you can do with the M Pesa App:
Send and receive money
One of the main features of the M Pesa App is the ability to send and receive money from other M-Pesa users. This can be done using the recipient's phone number, and the money is transferred instantly. M-Pesa also allows you to send money to non-M-Pesa users by generating a one-time code that can be redeemed at any M-Pesa agent location. This makes it incredibly convenient for users to send and receive money regardless of location.
Moreover, the M-Pesa app is also available on both Android and iOS devices and you can also access it through your web browser. This means that you can access the M-Pesa app at any time and from anywhere, which makes it incredibly convenient for users. Furthermore, the M-Pesa app also makes it possible for users to manage their accounts, check their balances, and view their transaction history.
Pay bills
M-Pesa allows you to pay various bills, including utility bills, school fees, and insurance premiums, directly from your mobile phone and API. To do this, you simply select the biller from the list of available options and enter the required information. The payment is then processed instantly, and you will receive a confirmation via SMS. This is a convenient way for users to pay their bills as it requires minimal effort and time. Use of the M-Pesa App is secure, and your information is kept confidential.
Make purchases
M-Pesa allows you to make purchases at participating merchants by simply scanning a QR code at the point of sale. You can also use M-Pesa to pay for goods and services online, such as airline tickets, movie tickets, and hotel bookings. The M-Pesa app makes it even easier to make online purchases, as it eliminates the need to enter personal or financial information.
Not only is the process convenient, but it is also secure, as your data is protected by the highest security standards. This feature makes it easy for you to purchase items or services from the comfort of your own home, without having to worry about carrying cash around.
Withdraw cash
M-Pesa allows you to withdraw cash from any of its agent locations, which are widely available across the countries where the service is offered. To do this, you simply select the "withdraw cash" option in the M-Pesa app and enter the amount you wish to withdraw.
The agent will then give you the cash, and the transaction will be reflected in your M-Pesa account. This means you can get your cash quickly and easily, without the worry of having to carry around large amounts of physical cash. The process is safe, secure, and efficient.
And, since the M-Pesa app is linked to your bank account, you can be sure that you are in full control of your finances at all times. What's more, you can also access your balance and view your transaction history in real time, giving you complete transparency over how much money you have and how it is being used.
Save and borrow money
M-Pesa has a feature called M-Shwari, which allows users to save and borrow money. To use this feature, you must first open an M-Shwari account, which is linked to your M-Pesa account. You can then deposit money into your M-Shwari account and earn interest on your savings.
M-Shwari also allows you to borrow small amounts of money at a relatively low-interest rate. Borrowing money from your M-Shwari account is easy and can be done directly from the app. You will receive notifications about your balance, interest earned, and other important M-Shwari updates.
With M-Shwari, saving and borrowing money is quick and hassle-free. This convenience makes it ideal for those who need access to emergency funds or are looking to save money for the future.
Top up airtime
M-Pesa allows you to top up your mobile airtime balance directly from the app. To do this, you simply select the "top up" option and enter the required amount. The airtime will be added to your account instantly, and you will receive a confirmation via SMS. This makes topping up your airtime hassle-free and convenient. Furthermore, it eliminates potential disruptions to your communication due to the unavailability of physical airtime vendors. This is especially useful when traveling or in remote locations where access to vendors is limited.
Send money abroad
M-Pesa has a partnership with Western Union, which allows users to send money to over 200 countries around the world. To do this, you must first link your M-Pesa account to Western Union, and then select the "send money abroad" option in the M-Pesa app.
You will need to provide the recipient's details, including their name and location, and the money will be transferred instantly. The whole process is easy and secure, with the money arriving in the recipient's account within a matter of minutes. There are no hidden costs or fees associated with the transaction.
Sending money abroad with M-Pesa is a hassle-free experience, saving you time and effort. You can keep track of all your international transactions with the M-Pesa app, which offers an efficient way to keep a record of payments.
Check account balance
M-Pesa allows you to check your account balance at any time by selecting the "balance" option in the app. You can also view your transaction history, which includes a record of all your M-Pesa transactions, including deposits, withdrawals, and payments. The convenience of being able to check your account balance at any time means that you no longer need to worry about keeping track of your money manually. With the M-Pesa app, you are able to quickly and easily access your balance and transaction history at any time.
Change PIN
M-Pesa allows you to change your PIN at any time to increase the security of your account. To do this, you simply select the "Change PIN" option in the app and follow the prompts. It is important to remember your new PIN, as it is the only way to access your account. Changing your PIN on the M-Pesa app is a simple and secure way of protecting your account. The ability to change your PIN quickly and securely with the help of the M-Pesa app makes it easier for you to protect your account and keep unauthorized users away.
Introducing…the IntaSend App - The best Alternative
MPesa might be the biggest deal in Kenya, but its exploits in the industry have ushered in a new era of digital payment providers, including IntaSend. Just like the MPesa app, there are a host of things you can do with the IntaSend app. You can send and receive money, thanks to a safe and secure wallet system. You can also pay bills, such as television subscriptions, and make payments to third-party services. To please users and give them a better experience with IntaSend, the company has added the airtime purchase feature to the app. This allows you to buy airtime directly from the app and also purchase for family and friends, saving their mobile numbers in the process for future use. In addition to mobile payments, IntaSend also enables you to receive card payments and Cash App payments through Bitcoin channels. IntaSend is ideal for individuals and businesses targeting both local and international clients.
Frequently Asked Questions
- Is it safe to use MPesa?
Yes, MPesa uses advanced security measures to protect your financial information and transactions. It is generally considered to be a safe and secure way to send and receive money.
- Can I use MPesa internationally?
Yes, you can use MPesa to send and receive money internationally, as long as the recipient also has an MPesa account. There may be additional fees and restrictions when sending money internationally, so it is a good idea to check the service's availability in other countries before making a transfer. Unlike the M-Pesa global payments, with IntaSend, the sender does not need to have an account. They can simply pay directly through payment links.
- Can I use MPesa to pay for goods and services?
Yes, you can use MPesa to pay for goods and services at stores that don't accept it directly by using a mobile point of sale (mPOS) device. This is a small, portable device that allows merchants to accept MPesa payments even if they don't have a traditional point-of-sale system.
Cover Photo by Derick Anies on Unsplash
