30 July 2016
Find out more

M-Pesa gets faster payments upgrade

07 May 2014  |  6312 views  |  0 Mobile phone turning to cash

Kenyan telco Safaricom has upgraded its M-Pesa mobile money service to implement near-instantaneous transactions.

The faster payments enhancement follows a system upgrade to the M-Pesa Application Programming Interface (API) which has resulted in a reduction of transaction time from an average of 2 hours to less than 30 seconds.

Safaricom's CEO Bob Collymore says: "Innovation is a continuous process at Safaricom and that is why we have been seeking ways to deliver services to customers with speed and efficiency. Twelve leading banks and 26 SACCOs have already migrated to the new platform and migration is on-going for 30 other institutions.."

The new platform will also help streamline operations for businesses which disburse staff salaries through M-Pesa, as well as for those businesses that receive payments through M-Pesa and require to move cash to their bank accounts on a regular basis.

Mobile banking was first introduced in Kenya in 2011 and since then, it has grown by over 262% from an initial 3.3 million customers in December 2011 to almost nine million by December 2013. It is projected that more than 13 million Kenyans will be on mobile banking by the close of this year.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

M-Pesa arrives in Europe

M-Pesa arrives in Europe

31 March 2014  |  10379 views  |  1 comments | 14 tweets | 24 linkedin
Vodafone partners MoneyGram on M-Pesa remittances

Vodafone partners MoneyGram on M-Pesa remittances

11 February 2014  |  5308 views  |  0 comments | 11 tweets | 9 linkedin
KCB lets Kenyans open accounts from their mobiles

KCB lets Kenyans open accounts from their mobiles

18 October 2013  |  6002 views  |  1 comments | 9 tweets | 3 linkedin
Safaricom upgrades M-Pesa platform for faster payments

Safaricom upgrades M-Pesa platform for faster payments

04 June 2013  |  5523 views  |  0 comments | 14 tweets | 5 linkedin
Safaricom opens M-Pesa mobile banking service

Safaricom opens M-Pesa mobile banking service

28 November 2012  |  7359 views  |  0 comments | 9 tweets | 2 linkedin
M-Pesa processing more payments in Kenya than Western Union globally - IMF

M-Pesa processing more payments in Kenya than Western Union globally - IMF

24 October 2011  |  11159 views  |  0 comments | 1 tweets | 1 linkedin

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comVisit www.abe-eba.euVisit VocaLink.com

Top topics

Most viewed Most shared
Groupe BPCE agrees to buy FidorGroupe BPCE agrees to buy Fidor
8462 views comments | 38 tweets | 55 linkedin
Telefonica Germany launches Fidor-backed mobile banking serviceTelefonica Germany launches Fidor-backed m...
7154 views comments | 16 tweets | 22 linkedin
hands typing furiouslyManaging Big Data After Brexit
6881 views 0 | 6 tweets | 8 linkedin
hands typing furiouslyWhat is FinTech and where does it Live?
5984 views 0 | 14 tweets | 4 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job