Kenya: Safaricom upgrades M-Pesa to provide faster mobile banking transactions
Kenyan mobile operator Safaricom has upgraded its M-Pesa mobile money service to implement near-instant transactions.Kenyan mobile operator Safaricom has upgraded its M-Pesa mobile money service to implement near-instant transactions.
The upgrade to Application Programmable Interface (API) has resulted in a reduction of transaction time from an average of two hours to less than 30 seconds, which will help entrench the move towards a cash-lite society through a more effective mobile-banking proposition, said Safaricom in a statement.
According to the company's CEO, Bob Collymore, twelve leading banks and 26 SACCOs have already migrated to the new platform and 30 other institutions should follow.
The new system will also help streamline operations for businesses which disburse staff salaries through M-Pesa, as well as for businesses that receive payments through this platform.
Mobile banking was first introduced in Kenya in 2011, and had amassed three million users in December 2011. At the end of 2013, this figure reached nine million and according to forecasts, over 13 million Kenyans will use mobile banking services by the end of 2014.