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M-Pesa M for mobile, pesa is Swahili for money is a mobile phone-based money transfer , financing and microfinancing service, launched in by Vodafone for Safaricom and Vodacom , the largest mobile network operators in Kenya and Tanzania. M-Pesa allows users to deposit, withdraw, transfer money and pay for goods and services Lipa na M-Pesa easily with a mobile device. The service allows users to deposit money into an account stored on their cell phones, to send balances using PIN -secured SMS text messages to other users, including sellers of goods and services, and to redeem deposits for regular money. Users are charged a small fee for sending and withdrawing money using the service. M-Pesa is a branchless banking service; M-Pesa customers can deposit and withdraw money from a network of agents that includes airtime resellers and retail outlets acting as banking agents.

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M-Pesa M for mobile, pesa is Swahili for money is a mobile phone-based money transferfinancing and microfinancing service, launched in by Vodafone for Safaricom and Vodacomthe largest mobile network operators in Kenya and Tanzania. M-Pesa allows users to deposit, withdraw, transfer money and pay for goods and services Lipa na M-Pesa easily with a mobile device.

The service allows users to deposit money into an account stored on their cell phones, to send balances using PIN -secured SMS text messages to other users, including sellers of goods and services, and to redeem deposits for regular money. Users are charged a small fee for trxde and traade money using the service. M-Pesa is a branchless banking service; M-Pesa customers can deposit and withdraw money from a network of agents that includes airtime resellers and retail outlets acting as banking agents.

M-Pesa has spread quickly, and by had become the most successful mobile-phone-based financial service in the developing world. The service has been lauded for giving millions of people access to the formal financial systemfor reducing crime in otherwise largely cash-based societies.

Safaricom and Vodafone launched M-PESA, a mobile-based payment service targeting the un-banked, pre-pay mobile subscribers in Trare on a pilot basis in October By first March The learning from the pilot helped to confirm the market need for the service and although it mainly revolved around facilitating loan repayments and disbursements for Faulu customers, it also tested features such as airtime purchase and national remittance.

The full commercial launch was initiated in March A snap shot of the market then depicted that only a small percentage of people in Kenya used traditional banking services. There were low levels of bank income, high bank fees incurred and charged; most of the services were out of geographical reach to the rural Kenyan.

Notably, a high level of mobile penetration was evident throughout the country making the adoption of mobile payments a viable alternative m pesa trade app download the traditional banking channels.

According to a survey done by CBS in spp, Kenya then had over 5, people employed in the informal sector. Gamos researchers approached MCel [7] in Mozambique, and in MCel introduced the first authorised airtime credit swapping — a cownload step towards M-Pesa. DFID amended the terms of reference for its grant to Vodafone, and piloting began in Safaricom launched a new mobile phone-based payment and money transfer service, known as M-Pesa.

The initial work of developing the product was given to a product and technology development company known as Sagentia. Following a three-year migration project to a new technology stack, as of 26 FebruaryIBM’s responsibilities have been transferred to Huawei in all markets. The initial concept of M-Pesa was to create a service which would allow microfinance borrowers to conveniently receive and repay loans using the network of Safaricom airtime resellers.

The users of the service would gain through being able to track their finances more easily. When the service was piloted, customers adopted the service for a variety of alternative uses and complications arose with Faulu, the partnering MFI. In discussion with other parties, M-Pesa was re-focused and launched with a different value proposition: sending remittances home across the country and making payments.

M-Pesa is operated by Safaricom and Vodacom, rtade network operators MNO not classed as deposit-taking institutions, such as a bank. M-Pesa customers can deposit and withdraw money from a network of agents that includes airtime resellers and retail outlets acting as banking agents. The service enables its users to:. Partnerships with Kenyan banks offer expanded banking services like interest-bearing accounts, loans, and insurance. The user interface technology of M-Pesa differs between Safaricom of Kenya and Vodacom of Tanzania, although the underlying platform is the.

Transaction charges depend on the amount of money being transferred and whether the payee is a registered user of the service. The actual cost is a fixed amount for a given range of transaction sizes; for example Safaricom charges up to 66 KShs 0. At the highest transfer bracket of 50, KShs the fee for a transfer to a registered user is KShs 1. The maximum amount that can be transferred to a non-registered user of the system is 35, KShs Cash withdrawal fees are also charged. With downloaad charge of 10 KShs 0.

M-Pesa is widely seen as demonstrating that it is possible to make a profit while also improving the lives of the poor, as most companies do when they operate legally.

In particular, their article published in «Science» has been very influential in the international development community. In a report on «Financing for Development», the United Nations write: «The digitalization of finance offers new possibilities for greater financial inclusion and alignment with the Agenda for Sustainable Development and implementation of the Qpp Development Goals. In Kenya, the expansion of mobile money lifted two per cent of households in the country above the poverty line.

The growth of the service forced formal banking institutions to take note of the new venture. In Decembera group of banks reportedly lobbied the Kenyan finance minister to audit M-Pesa, in an effort to at least slow the growth of the service.

This ploy failed, as the audit found that the service was robust. As at NovemberM-Pesa transactions for the 11 months of were valued at 2.

The application, currently available only on Android, gives M-Pesa users a historical view of all their transactions. Many other companies business models rely on the M-Pesa system in Kenya, such as M-kopa and Sportpesa. On 23 Februaryit was reported that the Google Play store started taking payments for apps via Kenya’s M-Pesa service. M-Pesa was launched in Tanzania by Vodacom in but its initial ability to attract customers fell short of expectations.

Inthe International Finance Corporation released a report which explored many of these issues in greater depth and analyzed the strategic changes that Vodacom has implemented to improve their market position. In Vodafone partnered with RoshanAfghanistan’s primary mobile operator, to provide M-Pesa, the local brand donload the service.

When corrected in the new system, many police officers believed that they had received a raise or that there had been a mistake, as their salaries rose significantly.

The National Police discovered that there was so much corruption when payments had been made using the previous model that the policemen did not know their true salary. The service has been so successful that it has been expanded to include limited merchant payments, peer-to-peer transfers, loan disbursements and payments. In September Vodacom and Nedbank announced the launch of the service in South Africawhere there were estimated to be more than 13 million «economically active» people without a bank account.

By Mayit had registered approximatelycustomers. Lack of education and product understanding also hindered efforts in the initial roll out of the product. Despite efforts, as at MarchM-Pesa still struggled to grow its customer base. South Africa lags behind Tanzania and Kenya with only c. This comes as no surprise as South Africa is well known for being ahead of financial institutions globally in terms of maturity and technological innovation.

M-Pesa was shut down from 15th July due to regulatory curbs and stress in the sector [50]with Vodafone surrendering their PPI licence on October 1st [51]. In MarchM-Pesa expanded into Romania, while mentioning that it may continue to expand elsewhere into Eastern Europe, as a number of individuals there possess mobile phones but do not possess traditional bank accounts.

It is unlikely, as of Mayhowever, that the service will expand into Western Europe anytime soon. It was shut down on July 14, A full listing of countries downloas which M-Pesa currently operates can be found on M-Pesa’s website. M-Pesa sought to engage Kenyan regulators and keep them updated on the development process. M-Pesa also reached out m pesa trade app download international regulators, such as the UK’s Financial Conduct Authority FCA and the payment card industry to understand how best to ap client information and adhere to internationally recognized best practices.

Know your customer KYC requirements impose obligations on prospective clients and on banks to collect identification documents of clients and then to have those documents verified by downliad. M-Pesa obtained a «special» license from regulators, despite concerns by regulators about non-branch banking adding to the current state of financial instability.

Safaricom released the new M-Pesa platform dubbed M-Pesa G2 to offer versatile integration capabilities for tradee partners. Client-to-business and business-to-client disbursements are some of features available through the API.

The near-monopolistic providers of the M-Pesa service are sometimes criticized for the high cost that the service imposes on its often poor users. The Bill and Melinda Gates Foundation warned in that lack of competition could drive up prices for customers of mobile money services and used M-Pesa in Kenya as a negative example.

They had expensive subscriptions for ring-tones and similar unnecessary services pushed on them,with opaque pricing, traee thus did not understand, why their M-Pesa deposits depleted so quickly. If they did, they were often unable to unsubscribe from those Services without help.

The authors concluded that it is not the marginalized people in Kenya, who benefit from M-Pesa, but mostly Safaricom. He concluded in his otherwise very friendly survey that the financial sector benefitted handsomely from the expansion of M-Pesa, while the living conditions of the people were not noticeably improved.

Milford Bateman et al. They diagnose serious weaknesses in the much cited paper by Suri and Jack, which had found fownload effects on poverty, as M-Pesa enabled female clients to move out of subsistence agriculture into micro-enterprise or small-scale trading activities. Alleged weaknesses include a failureincorporate business failures and crowding-out of competitors in the analysis. Bateman et al. As a large part of these profits are sent eownload to foreign shareholders of Safaricom, local spending power and demand are reduced, and with it the development potential for local enterprise.

Kenya does not have a data protection law, which enables Safaricom to use sensitive data of its subscribers rather freely. A data scandal surfaced in when Safaricom was sued in court for the alleged breach of data privacy of an estimated The data was allegedly offered on the black market. From Wikipedia, the free encyclopedia. Communications Commission of Kenya. Archived from the original on 17 August Archived from the original on 25 November The New York Times.

Sakyi-Dawson Retrieved 23 August IDS Bulletin. Africa, background paper prepared for the Commission for Africa, London. Innovations: Technology, Governance, Globalization, 2 1—263— Archived from the original on 21 March Retrieved 19 February Remittances in Africa. World Bank Group. Fighting Poverty Profitably. New York: United Nations.

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Infinito Wallet — Leading Universal Wallet. Vodacom Tanzania cautions customers against downloading or attempting to use of any other App that purports to offer easy access to M-Pesa. Permissions View store. Eazzy Banking. Working well 0. Permissions android. Customer Care : sales goodpesa. Version 7. RelaxBanking Mobile. See. Downloads — By browsing the site you are accepting it, so find more about it pess.