Many people often ask how does mpesa work? We are going to look at this into detail but first lets have a look at its background.
When was mpesa launched
If you have been wondering and asking yourself when was mpesa launched? Then your answer is here. Mpesa was launched in 2007 by Vodafone for Safaricom Limited. However the M-Pesa project started in 2003 by Nick Hughes of Vodafone.
What is M pesa?
M simply means mobile and Pesa is the Swahili word for money. So in short its mobile money. You can check out How to get Mpesa Statement or Mpesa Mini Statement.
When was mpesa launched
M-Pesa is a mobile money transfer service that was officially launched in Kenya, in March 2007, by Safaricom (Vodafone). Safaricom is the biggest mobile operator in Kenya . M-Pesa provides both ‘banked’ and ‘unbanked’ individuals with access to money transactions at affordable prices. This is what is referred to as safaricom mpesa tariffs / mpesa charges / mpesa rates or mpesa transaction charges. Now that you know What is M-Pesa let’s look at how does mpesa work.
How does mpesa work?
M-Pesa works by allowing registered individuals to withdraw cash, store money, make payments and send money P-2-P using their mobile phones. Customers have to register and activate their mobile phone sim cards to conduct M-pesa transactions. It’s a simple process that takes a minute or two. Once the line is activated the phone will display a small mesa icon on smart phone or a menu on the regular mobile phone. This provides options for different purposes.
M-pesa uses the existing safaricom mobile network. For customers to load money on their phone, they will have to go to safaricom Mpesa agents who are stationed almost everywhere in Kenya, or banks, petrol stations, suparmarkets etc. Once you see a green sign with the Mpesa logo then you can walk in and transact there. The same places also can be used for Mpesa withdrawals. Mpesa Customers have to present their national identity card or passport for verification for all their mpesa transactions.
Many banks in Kenya also use Mpesa to make it easier for their customers to do Mpesa transactions on their bank accounts. Here is How to Deposit Money via KCB Paybill Number for Mpesa.
I believe you are getting to understand how how does mpesa work. This is the most convenient way of sending money in Kenya today. As of March 2014, there were over 81,000 Mpesa agents supporting 19.34 million Safaricom subscribers who were actively using the service. M-Pesa alone was contributing to 18 per cent of Safaricom’s total revenue.
Safaricom mpesa tariffs / mpesa charges / mpesa rates / mpesa transaction charges
|Min (Ksh)||Max (Ksh)||Transfer to other M-PESA Users||Transfer to Unregistered Users||Withdraw From M-PESA Agent|
New Mpesa rates for ATM Withdrawal
|Transaction Range (Ksh)|
|Min (Ksh)||Max (Ksh)||Mpesa Charges|
Other Mpesa Transaction Rates
|Change M-PESA PIN||22|
|Register for M-PESA||0/FREE|
|Check M-PESA Balance||1|
Conditions to Safaricom mpesa tariffs, rates and transaction charges
- Maximum Account Balance allowed is Ksh 100,000.
- The Maximum Daily Transaction Value is Ksh 140,000. Maximum per transaction is Ksh 70,000
- You cannot withdraw less than Ksh 50 at an M-PESA agent outlet.
- To transact, your Safaricom line and M-PESA account must be active.
- At an agent outlet, you cannot deposit money directly into another M-PESA customer’s account.
- You earn Bonga points when you transact on M-PESA.
Now that you know the answer to the question of how does mpesa work? And Conditions to Safaricom mpesa tariffs / mpesa charges / mpesa rates / mpesa transaction charges. Feel free to transact using this service today.
You can also read more about Safaricom Bundles Prices | Buying Safaricom Data Bundles.
For more information click here to visit Safaricom Website