What is Mpesa?
M-Pesa is a mobile-phone based money transfer and microfinancing service for Kenya's largest mobile carrier Safaricom and Vodacom Tanzania. The tow mobile operators currently control over 50% of the market in both countries.
M-pesa which is currently the most developed mobile payment system in the world, allows users with a national ID card or passport to deposit, withdraw, and transfer money easily with a mobile device.
The services is convenient in both rural and urban parts of these two countries as people who are unbanked in the most remote areas can have access to banking services, same as offered by other developed banking institutions.
The Mpesa service enables its users to:
- Deposit and withdraw money from Agents country wide
- Transfer money to both users and non-users
- Pay bills
- Purchase airtime
- Transfer money between the Mpesa and a bank account (in some markets)