M-Pesa

Your wallet just got digital!

M-Pesa is a mobile phone-based money transfer, financing and microfinancing service, launched in 2007 by Vodafone for Safaricom and Vodacom, the largest mobile network operators in Kenya and Tanzania. It has since expanded to Afghanistan, South Africa, India and in 2014 to Romania and in 2015 to Albania. M-Pesa allows users to deposit, withdraw, transfer money and pay for goods and services 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.

Name CEO: Bob Collymore
Company founded in: 2007
Country: Kenya
Website: http://www.safaricom.co.ke/personal/m-pesa
Twitter: @SafaricomLtd
Category: Payments & Transfers

share

AFTA logo
Join the African FinTech Awards and Conference. Meet entrepreneurs, bankers, investors and advisors, extend your network and develop business. RSVP today. Use code AFTA2018 to get free access .

FinTech Africa

(c) 2017 CFO Enterprises South Africa PTY Ltd |  Nominate a FinTech company  |   Contact 

Sign up today for the African FinTech Awards 2018 with code AFTA2018.