Safaricom brings M-Pesa to ATMs with Equity Bank partnership
18 January 2010 | 8326 views | 0
Kenyan wireless operator Safaricom has struck a deal with Equity Bank that enables M-Pesa mobile money transfer customers to access their funds at ATMs around the country.
The ATM withdrawal service lets M-Pesa's 8.5 million users take out cash at Equity Bank's 550 machines without the need for an account or card.
Customers can withdraw between Ks200 to Ks35,000 by navigating to the ATM withdrawal section on the M-Pesa menu and entering the Equity agent number before receiving a one-time authorisation code.
They then enter this code into the ATM together with their Safaricom phone number and the amount they wish to withdraw.
M-Pesa customers currently rely on a network of thousands of agents to send and collect payments. Safaricom says the Equity Bank deal helps conquer "liquidity challenges" customers may face at agents.
James Mwangi, CEO, Equity Bank, says: "The beauty of this new service is that one does not have to have an account with Equity Bank to withdraw money from the banks ATMs. The service is also part of the bank's smart social responsibility to reach more Kenyans through mobile banking, allowing them to access financial services with ease."