Kenya's Safaricom Targets Companies in Mobile Money Push

Money Transfer

Kenya's Safaricom has set its sights on the medium and small enterprises with the launch of Lipa Na M-PESA -- a campaign aimed at entrenching the use of its mobile payment services as the primary method of paying for goods and services.

Lipa na M-PESA is an umbrella service for the M-PESA payment services which include: Payment of salaries, utility payments, promotional payouts, dividend payments as well as payments within the transport industry.

The first phase of Lipa na M-PESA is anchored on an aggressive countrywide recruitment exercise targeting to enroll more than 100,000 small and medium companies by next April.

To ensure the success of the campaign, Safaricom has simplified the registration process for the traders who will only be required to produce copies of a PIN certificate, Identification Card and trading license in order to get a till number.

Safaricom's General Manager for Financial Services, Ms. Betty Mwangi-Thuo noted that by adopting M-PESA as a primary tool of transaction, traders will not only have ready access to more than 17 million M-PESA customers, but they will also be able to provide their customers with a safer and more convenient way of making payments.

"By using the M-PESA payment services, traders will handle less cash and will therefore be less susceptible to risks associated with cash handling such as theft and fake currency. In addition, Lipa Na M-PESA will also help traders enhance business efficiency," said Ms. Mwangi-Thuo.

CBK reports indicate that the country's financial inclusion levels are now at 80%, with mobile money contributing 57% of the total number of Kenyans with access to some form of formal financial platform.