Mpesa (M for mobile, Pesa for money in Swahili) is a mobile money transfer system that originated in Kenya. It allows users to send and receive money, store funds, and access financial services through their mobile phones.
In this article, I delve into the success story of Mpesa and how the service has impacted lives and businesses across the continent.
Mpesa Money Transfer Services
Mpesa was first launched in 2007 by Vodafone and Safaricom, the largest mobile network operator in Kenya. The service allows users to deposit or withdraw money, transfer money, and pay for goods and services in local currency.
Join our Spotcovery Global Black Community Facebook Group for early access to exclusive content and to share in a lively discussion.
You can deposit or withdraw money from your account on your mobile phone with the help of registered agencies. You can also send money to other users and pay for goods and services using your phone.
You don’t need a bank account to use their services. Simple access to a mobile phone will enable you to enjoy their services.
Other services you can enjoy on Mpesa include:
- pay bills
- Receive salary
- purchase airtime
- save currency in a virtual account
- borrow money to complete a transaction
Mpesa Money Transfer Markets
Mpesa, which started in Kenya in 2007, has expanded to other markets and even used to operate outside Africa. As a leading mobile money service provider, it has access to over 604,000 active agents across the continent. It serves about 51 million African customers as of when writing this article. It used to serve customers in India, Romania, and Albania.
Mpesa is available in 7 African markets, including:
- Democratic Republic of Congo
According to Safaricom, Ethiopia is the newest country to enjoy Mpesa mobile money transfer services.
How to Use Mpesa
Sending and receiving money on Mpesa is simple, safe, and convenient. To send money to other users, simply dial
- USSD code *334#
- Select send money
- Enter the recipient’s phone number
- Enter amount
- Confirm and accept the transaction
- Enter your Mpesa pin
- Receive confirmation message
Here are other apps you can use to send money to Kenya from abroad.
- Lemond Finance app
Transforming Lives: Mpesa’s Impact on Society
Financial Inclusion Beyond Borders
Mpesa quickly gained traction, primarily because it addressed a critical challenge – financial inclusion. With a significant portion of the population having limited access to traditional banking services, Mpesa offered a lifeline. People could now securely store money, send remittances, and even access credit all through their mobile phones.
Empowerment and Economic Growth
The impact of Mpesa extended far beyond convenience. It empowered individuals and small businesses, especially those in rural areas, by providing them with a platform for financial transactions. This empowerment increased economic activities, job opportunities, and overall growth in local economies.
Redefining Money Transfer
Traditional methods of sending money often involve lengthy processes, high fees, and security concerns. Mpesa revolutionized this by offering a seamless and secure way to transfer money. It not only transformed local economies but also caught the global community’s attention.
The Mpesa money transfer service has impacted a lot of lives, not only in Kenya. With over 51 million customers and counting, it has achieved its aim of financial inclusion serving underbanked and unbanked people.
People also read: Secure Your Finances: 6 Top Black-Owned Wallet Companies
Nearly 80% of consumers visit directories with reviews to find a local business. List your business for free in our exclusive Spotcovery Black-Owned Business Directory.
Spotcovery offers unique and fresh daily content on Black culture, lifestyle, and experiences. We talk about everything black, black people, black-owned and black-owned businesses. We also deliver authentic and relevant content that will inform, inspire and empower you! The future of black media is critical to today’s black experience! Our primary audience includes African American, African, Afro-Caribbean, and people of African heritage. Black culture is for the culture!