SAFARICOM UNVEILS MONEY SERVICE IN KENYA

Mergers, Acquisitions and Financial Results

Safaricom last week launched a mobile payment service, that allows its customers to transfer money, and deposit or withdraw funds using their cell phones Known as M-Pesa, it will also extend access to financial services to those with no bank accounts. Users can also buy Safaricom prepaid airtime.

They will deposit their money with authorised M-Pesa agents, and make withdrawals from Safaricom's airtime distribution outlets. M-Pesa account does not require a minimum amount, unlike commercial banks. Finance minister Amos Kimunya said yesterday said that access to financial services by most Kenyans is among the three main objectives of financial sector reforms. Only 9.8 per cent of Kenyans have bank accounts, and access to financial services outside Nairobi and other major towns is limited.

The Nation