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nourserghini

Send money to M-PESA accounts in Kenya - 0 views

www.worldremit.com/...m-pesa

Mpesa Mobile-money Kenya Services

shared by nourserghini on 09 Feb 21 - No Cached
    • aminej
      aminej on 09 Feb 21
       
      I believe that M-PESA is one of the most developped and interesting fintechs in Africa and I'm sure it will expand to different places in the world. It a virtual banking system (mobile money service) that offers transaction services through a SIM card on a mobile phone. It is a very safe method of sending and receiving money very fastly and conveniently even for people who live in rural areas which is the case for most of people in the African continent.
  • M-PESA Kenya is an electronic mobile money service that allows you to store, send and receive money on your mobile phone. With an M-PESA account, you can transfer cash and shop for products and services. You can also withdraw cash by visiting an agent (typically in a corner shop) or transfer it to others from your phone. This makes it a quick, safe and simple way to make payments and handle money.
  • M-PESA is a virtual banking system (mobile money service) that offers transaction services through a SIM card on a mobile phone. In Kenya this must be with a Safaricom SIM card. The SIM card is inserted into the card slot of the mobile device and users can receive and store money, as well as make payments and transfer money to vendors and family members using SMS messages.
    • kenzabenessalah
      kenzabenessalah on 12 Feb 21
       
      M-PESA doesn't require something complex for customers to make use of its services, they just need a SIM card.
  • ...1 more annotation...
  • Why use M-PESA to send money to Kenya?Money is added instantly to M-PESA accounts once payment is approved.Your recipients don’t have to carry large amounts of cash with them, which can be unsafe.There’s no need for your recipient to travel to a pickup location, they will have the money delivered right to their phone. It couldn’t be easier!
    • nourserghini
      nourserghini on 13 Feb 21
       
      This part explains the facility of sending money to Kenya through M-pesa as money is added instantly and is delivered directly to the phone.
sawsanenn

Paga Definition - 0 views

www.investopedia.com/...paga.asp

FinTech E-payments Nigeria competition

shared by sawsanenn on 13 Feb 21 - No Cached
  • In order to prevent fraudulent transactions, Paga has put certain measures in place to protect its users. A user logging into an unrecognized device, for example, will have to answer a couple of security questions before proceeding. Again, every transaction using Paga has to be finalized with a personal PIN known only to the user.
    • ghtazi
      ghtazi on 13 Feb 21
       
      Paga has placed such steps in place to protect its users in order to discourage fraudulent transactions. For example, a user logging into an unrecognized computer would have to answer a few safety questions before continuing. Again, with a personal PIN is known only to the user, any transaction using Paga must be finalized.
  • With Paga, customers are able to deposit and save money, purchase prepaid phone credit, pay utility and cable bills, and make payments to retailers. The partnership between Paga and Western Union also has the added benefit where Western Money transfers sent to users can be deposited into their Paga accounts.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it discusses Paga's offerings fist, before moving to how Paga's partnerships, here with Western Union, helped the fintech improve its offerings.
  • Paga was introduced in Nigeria to take advantage of the cash buildup in the system and to create a means whereby financial services are available to all. Although the banking sector in Nigeria is not easily accessible to everyone, the telecommunications industry has been more successful in reaching a large portion of the country’s population. The collaboration of both the banking and telecom sector has given rise to mobile banking platforms like Paga, where a user can perform basic financial transactions with the use of a cellphone. Paga works through a mobile phone application or online through the company’s website.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it narrates the context in which Paga emerged. The combination of a large unbanked/underbanked population and high accessibility to telecommunications contributed to the establishment and subsequent success of Paga n Nigeria.
  • ...1 more annotation...
  • A number of other mobile wallet and payment service platforms are increasingly being implemented in emerging nations that have a high percentage of unbanked groups. M-Pesa, MTN Mobile Money, Airtel Money, and Orange Money are examples of mobile banking applications that are being employed to include all people in the growing digital financial sphere.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      this excerpt talks about companies that strated to offer the same services as paga which made them competitors to paga
samiatazi

Our Story - Safaricom - 0 views

www.safaricom.co.ke/...our-story

mpesa Kenya Fintechs e-payment

shared by samiatazi on 08 Feb 21 - No Cached
  • In the year 2000, we began the Safaricom journey with a view to Transform Lives. Safaricom is one of a small group of about 400 companies across Africa whose annual revenues are more than $1 billion. Many of these companies are pan-African in their operations and are active in increasingly diverse sectors.
  • M-PESA is restoring dignity to thousands of refugees. Through a partnership with the World Food Programme, we are leveraging M-PESA to help more refugees access food, through a product known as Chakula Chap Chap. M-PESA has enabled us to digitize food delivery for over 100,000 households. It has removed the opportunity for corruption by eliminating middle-men, and reduced the cost of distributing relief aid, creating employment and business opportunities for people in refugee camps. This initiative has shown us that our business can help bridge critical gaps for our society.
    • mehdibella
      mehdibella on 08 Feb 21
       
      this shows how much M-Pesa is trying to help the much refugees in Kenya by providing the upmost necessities
  • In the year 2000, we began the Safaricom journey with a view to Transform Lives. Safaricom is one of a small group of about 400 companies across Africa whose annual revenues are more than $1 billion. Many of these companies are pan-African in their operations and are active in increasingly diverse sectors.
    • samiatazi
      samiatazi on 13 Feb 21
       
      this shows how much M-Pesa is trying to help the much refugees in Kenya by providing the upmost necessities
ayoubb

M‐pesa: A Case Study of the Critical Early Adopters' Role in the Rapid Adopti... - 0 views

onlinelibrary.wiley.com/...j.1681-4835.2010.tb00307.x

shared by ayoubb on 13 Feb 21 - No Cached
  • M‐pesa: A Case Study of the Critical Early Adopters’ Role in the Rapid Adoption of Mobile Money Banking in Kenya - Ngugi - 2010 - THE ELECTRONIC JOURNAL OF INFORMATION SYSTEMS IN DEVELOPING COUNTRIES - Wiley Online Library M‐pesa: A Case Study of the Critical Early Adopters’ Role in the Rapid Adoption of Mobile Money Banking in Kenya - Ngugi - 2010 - THE ELECTRONIC JOURNAL OF INFORMATION SYSTEMS IN DEVELOPING COUNTRIES - Wiley Online Library
    • ayoubb
      ayoubb on 13 Feb 21
       
      MPESA
ghtazi

Mukuru CEO - Using technology to serve the underserved - Intelligent CIO Africa - 0 views

www.intelligentcio.com/...nology-to-serve-the-underserve

Zimbabwe African Financial Inclusion

shared by ghtazi on 13 Feb 21 - No Cached
  • Biometrics is another sort of key differentiator in the space for increased security and ease of sign-up. Africa is ready for digitisation, and we have already seen good traction in SA with our Mukuru Card product. Mukuru is investing in technology to support customers as they digitise in the coming years, across our footprint.
  • Ensuring that the core stability and functional capability brought about by the technologies and coding languages mentioned earlier is of paramount importance. We are relaunching our app and that’s been built on the Flutter framework. The app is important because it allows for content rich customer engagements.It will also enable us to ingest/scan customer documents in real-time, process card payments securely so that customers can create and pay for orders in one step as opposed to two, as well as allowing for a host of additional customer facing services and capabilities to be deployed.The core DNA of our business is making sure that it’s super simple and that somebody with a feature phone is not precluded from using the service, because that is the essence of where our customer base is at, so we want modular technological capabilities that we can use in any conditions.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This article is important because it touches upon different facets of Mukuru, but the highlighted excerpts are very interesting because they enumerate the different technologies in which Mukuru is investing and the reasons behind such investmnents.
  • ...3 more annotations...
  • Mukuru has been at the forefront of technology launching a multitude of cutting-edge initiatives designed to solve problems for the African migrant diaspora.This year has seen it launch Mukuru Groceries – a service that is giving SADC based customers the ability to send groceries to their families and communities back home in Zimbabwe.At a time when many families are struggling to obtain basic commodities, Mukuru Groceries will help support Zimbabwe’s large diaspora in their quest to send critical financial resources to families back home.
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      Even if Mukuru operates only in Africa, it creates new concepts that will make their services essential in the country. Mukuru groceries is a smart strategy, and it will help attracting more and more customers as it supports one of their vital needs.
  • Through our partnerships we have over 300,000 pay-in and pay-out points across Africa. We’ve partnered with major banks in all the territories we operate in – if we don’t have a licence, particularly at the outset of a product or service offering, in the country, then we have to use an authorised dealer bank. We work with the big retailers in South Africa, that have been exceptional at making their branch infrastructure with their footprint available to digital services. So we work with all the big retailers in South Africa and similarly so in other territories, so companies like Shoprite, Pick n Pay,Boxer, Spar, PEP, Massmart, complemented by mobile wallets like mPesa – a range of key names.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      Working with different partners across Africa can be beneficial to Mukura since they can expand their business in other countries besides the ones that they are already working with.
  • The company has also formed a partnership with WorldRemit, a leading global online money transfer service, to facilitate money transfers to Zimbabwe from across the globe. The partnership will be instrumental in bringing world-class financial services to Zimbabweans and generating new synergies for African financial inclusion
    • ghtazi
      ghtazi on 13 Feb 21
       
      in this excerpt, we can see that the company has a partnership with WorldRemit, which is a leading global online money transfer service, in order to facilitate the transfer of money for Zimbabwe from across the globe. which in my humble opinion will create and generate new synergies for African financial inclusion.
nouhaila_zaki

M-Pesa - 2 views

www.investopedia.com/...mpesa.asp

M-Pesa Financial inclusion Kenya

shared by nouhaila_zaki on 07 Feb 21 - No Cached
  • One of the drives for Fintech innovations, like M-Pesa, is financial inclusion, which is mostly geared toward an underbanked or unbanked group of people.
    • nouhaila_zaki
      nouhaila_zaki on 07 Feb 21
       
      Financial inclusion is a main priority of M-Pesa.
  • M-Pesa is a virtual banking system that provides transaction services through a SIM card. Once the SIM has been inserted into the card slot of the mobile device, users can make payments and transfer money to vendors and family members with SMS messages. Users with no bank accounts can access the numerous M-Pesa outlets distributed across the country. The money that needs to be stored is given to the kiosk attendant, who transfers the amount in digital form to the user’s M-Pesa’s account. Cash collected from M-Pesa is deposited in bank accounts held by Safaricom. The bank accounts serve as regular checking accounts and are insured up to a maximum of 100,000 shillings (or $1000) by the Deposit Protection Fund. M-Pesa provides receipts as proof of transaction. For a transaction to take place, both parties have to exchange each other’s phone numbers because the phone numbers act as account numbers. After settlement, both parties receive an SMS notification with the full name of the counterparty and the amount of funds deposited or withdrawn from the user’s account. The mobile receipt, which is received within seconds, helps to promote transparency for all individuals involved in a transaction.
    • nouhaila_zaki
      nouhaila_zaki on 07 Feb 21
       
      This excerpt is important because it explains how this mobile banking service operates. 1. Payments are made through SMS messages. 2. Cash collected by M-Pesa is deposited in bank accounts held by Safaricom. 3. Phone numbers act as account numbers. 4. M-Pesa provides receipts as proof of transaction.
  • M-Pesa is a virtual banking system that provides transaction services through a SIM card. Once the SIM has been inserted into the card slot of the mobile device, users can make payments and transfer money to vendors and family members with SMS messages. Users with no bank accounts can access the numerous M-Pesa outlets distributed across the country. The money that needs to be stored is given to the kiosk attendant, who transfers the amount in digital form to the user’s M-Pesa’s account. Cash collected from M-Pesa is deposited in bank accounts held by Safaricom. The bank accounts serve as regular checking accounts and are insured up to a maximum of 100,000 shillings (or $1000) by the Deposit Protection Fund. M-Pesa provides receipts as proof of transaction. For a transaction to take place, both parties have to exchange each other’s phone numbers because the phone numbers act as account numbers. After settlement, both parties receive an SMS notification with the full name of the counterparty and the amount of funds deposited or withdrawn from the user’s account. The mobile receipt, which is received within seconds, helps to promote transparency for all individuals involved in a transaction.
    • ghtazi
      ghtazi on 08 Feb 21
       
      this article shows us how M-Pesa is a virtual system that provides transaction services through a SIM card. M-Pesa allows users to deposit, withdraw, transfer money, pay for goods and services (Lipa na M-Pesa), access credit and savings, all with a mobile device.
  • ...9 more annotations...
  • A farmer has no bank account and wants to deposit his commodity sale proceeds of 1,000 shillings goes to an M-Pesa outlet and deposits the money with the kiosk agent or attendant. The agent, in turn, uses her phone to access the client’s account with the client’s registered phone number and credit the account for 1,000 shillings.
    • ghtazi
      ghtazi on 08 Feb 21
       
      M-Pesa target customers are anybody who has a phone.
  • M-Pesa is a mobile banking service that allows users to store and transfer money through their mobile phones. M-Pesa was introduced in Kenya as an alternative way for the population of the country to have access to financial services. Safaricom, the largest mobile phone operator in Kenya, launched M-Pesa in 2007. The service is a blend of two entities where M means mobile and Pesa means money or payment in the Swahili language.
  • Financial inclusion is an initiative that seeks to include residents who have no access to banks or who can’t afford the required minimum deposits in the digital banking era. In order for this initiative to succeed, different sectors must collaborate in sharing data with each other and build a meaningful digital platform.
    • kenzabenessalah
      kenzabenessalah on 12 Feb 21
       
      I like how M-PESA gave opportunities for those who cannot afford to have bank accounts , an alternative to still have access to those services.
  • Through mobile payment services like M-Pesa, the standard of living in Kenya has improved greatly. Market traders, debt collectors, farmers, and cab drivers don’t need to carry around or transact in a large amount of cash. This means that the occurrence of theft, robbery, and fraud is reduced. Also, individuals and business owners don’t have to wait in long lines for hours to make their electricity and water bill payments because these can be made using M-Pesa.
    • samielbaqqali
      samielbaqqali on 12 Feb 21
       
      The mobile payment industry was revolutionized by M-Pesa. The value of this business in the financial industry is demonstrated by the fact that the term M-Pesa has a financial significance. I believe that by using digitalisation in a way that can benefit people and solve their problems, M-Pesa has gained its impact.
  • To combat fraud, Safaricom mandates that users of a Safaricom SIM card who want to register for M-Pesa have to do so with a valid government ID such as the Kenyan national identification card or a passport. This way, each transaction is marked with the identification of the party transferring, paying, depositing, or withdrawing money from an account.
    • ghtazi
      ghtazi on 13 Feb 21
       
      to combat fraud they use either a sim card, ID card, or passport. in this way every transaction made will be marked with identifications of the parties transferring money, paying or whatever action it was made.
  • To combat fraud, Safaricom mandates that users of a Safaricom SIM card who want to register for M-Pesa have to do so with a valid government ID such as the Kenyan national identification card or a passport. This way, each transaction is marked with the identification of the party transferring, paying, depositing, or withdrawing money from an account.
  • M-Pesa is one of the innovative tools that have been birthed from the collaboration of telecommunication and banking sectors in East Africa.M-Pesa began in Kenya and is being utilized in 10 countries, including India and Romania. Emergent technology in the financial sector, or Fintech, has made it possible for financial services and products, like M-Pesa, to be more accessible at small costs.M-Pesa makes it possible for unbanked people to pay for and receive goods and services using a mobile phone instead of utilizing a brick-and-mortar bank.
    • nourserghini
      nourserghini on 13 Feb 21
       
      this article explains that M-pesa is a virtual banking platform that gives the opportunity for unbanked or underbanked individuals to conduct transactions through a SIM card.
  • This cross-communication tactic used by M-Pesa is developing rapidly in sub-Saharan Africa, where the telecommunication and banking sectors are working together to create mobile banking services for those with limited access to traditional banking.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      Mobile payment is progressively being used in emerging regions in which a large percentage of the population has little or no access to traditional banking such as Africa
  • Mobile money is increasingly being adopted in developing nations where a high percentage of the population has little or no access to traditional banking. Revolutionary services like Paga, MTN Mobile Money, Airtel Money, and Orange Money are disrupting the traditional payment systems used frequently by residents of emerging nations, by changing the economy from a cash society to a digital one.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it reflects the increasing importance of mobile money i.e. as proposed by M-Pesa in developing countries.
  • hichamachir on 12 Feb 21
     
    M-Pesa revolutionized the mobile payment industry. The fact that the word M-Pesa got a financial meaning shows the importance of this company in the financial industry. I think that M-Pesa gained its influence by using digitalization in way that can help people and solve their problems.
ayachehbouni

Kenya's Family Bank partners SimbaPay for WeChat transfers - 1 views

www.finextra.com/...-simbapay-for-wechat-transfers

shared by ayachehbouni on 13 Feb 21 - No Cached
  • Family Bank Limited, a leading bank in Kenya, has partnered with London-based financial technology firm SimbaPay to launch an instant money transfer service from Kenya to China through WeChat – a service that will help boost Kenya-China trade. Over seven million customers and businesses in Kenya will now access SimbaPay’s international money transfer service to send money to China’s WeChat Pay from Family Bank’s PesaPap mobile banking application and USSD service. Non-customers too will enjoy the service via a dedicated PayBill number 261059 on MPESA.
  • In addition to the China (WeChat) service, SimbaPay also supports money transfer to Kenya, Uganda, Tanzania, Rwanda, Burundi, Ghana, Nigeria, Madagascar, Niger and India. 
    • nourserghini
      nourserghini on 13 Feb 21
       
      This is interesting because Family bank partnered with Simbapay to offer the Wechat money transfer service to china. Besides this, Simbapay also transfers money to Kenya, Uganda, Tanzania, Rwanda, etc.
  • China is Kenya’s biggest trading partner. In 2017 alone, businesses in Kenya imported well over USD 4 billion worth of goods from China. The current existing solutions for sending money to China take multiple days to reach the recipient’s bank account, with some requiring the supplier to physically visit an agent to collect their money. This new service easily overcomes these barriers.
    • mbellakbail69
      mbellakbail69 on 13 Feb 21
       
      I believe that, with this new service increasingly effective, Kenya's traders can replenish stocks more quickly and thus improve trade with the two countries
  • ...1 more annotation...
  • With over 1 billion subscribers, WeChat is the largest payment and social media app in China. This initiative therefore connects Africa’s largest mobile money ecosystem to China’s largest payment service in real-time.
    • ayachehbouni
      ayachehbouni on 13 Feb 21
       
      I believe that the service born from this partnership is very unique and attractive to customers of both platforms as it offers the sender a chance to review the transaction and exchange rate applicable before releasing the payment.
  • mehdi-ezzaoui on 13 Feb 21
     
    Partnership with wechat to send money to China's WeChat Pay from Family Bank's PesaPap mobile banking application and USSD service.
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