M-PESA is Africa’s most successful mobile money service and the region’s largest fintech platform.
M-PESA is the preferred payment method in Africa, used by both those with and without bank accounts, due to its security and exceptional convenience.
The service offers financial assistance to numerous individuals who possess mobile phones but lack access to traditional banking or have limited banking opportunities. It offers a safe, secure, and cost-effective way for these individuals to perform various financial transactions, such as sending and receiving money, adding airtime, paying bills, receiving salaries, and obtaining short-term loans.
$314 billion in transactions is made per year through M-PESA by 51 million customers.
How It Works
1.People sign up for the service at approved locations, which are frequently small mobile phone shops or other retailers like barbers, butchers, and bakers. They then deposit cash and receive electronic money in exchange. After that, they can send money to their loved ones anywhere in the country.
2.Customers can complete transactions safely by entering a PIN number. After the transaction, both parties receive a text message confirming the amount that was transferred.
3.The recipient immediately gets the digital money and then converts it to physical cash by visiting another agent. They can also use the digital money to make purchases from an M-PESA merchant.
