Safaricom has announced that registered M-Pesa users will no longer be able to send money to unregistered mobile money customers starting February 5.
In a statement to its customers, the telecommunication company said registered users will, however, be able to send and receive money across different mobile money providers like Airtel and T-Kash.
The announcement was a surprise to many M-Pesa users, considering that in 202,2 the Communication Authority of Kenya had directed that unregistered phone numbers would be switched off.
Kenyans flocked to various Safaricom shops and M-Pesa agents to have their SIM Cards registered and updated before the deadline.
The deadline also had to be extended to allow more Kenyans to comply with the SIM registration requirements.
Safaricom’s M-Pesa technology has a big market share in the mobile money transactions sector. The company also has an extensive reach, including remote areas of the country with MPESA agents.
How useful is M-Pesa?
MPESA is an innovative fintech product that has changed the lives of Kenyans since its rollout.
It allows Safaricom subscribers to make transactions. In the beginning, customers were able to send and receive money through their phones and deposit and withdraw money from agents across the country.
Other telcos imitated the technology and came up with Airtel Money and T-Kash.
Today, M-Pesa has grown beyond sending and receiving money. Customers can now get loans from banks through M-Pesa, with M-Shwari being the first bank-M-Pesa partnership, which was between M-Pesa and NCBA Bank.
Other banks like Kenya Commercial Bank (KCB) later also started offering loans to their customers through M-Pesa. not forgetting digital lenders that have been a significant competitor to banks.
Today, saccos and more banks are using M-Pesa to allow customers to make transactions from the comfort of wherever they are.
MPESA is also used to pay bills like water and electricity, and goods at services.
Discussion about this post