There are innumerable mobile money transactions in Kenya. Specifically, 27 billion dollars are transferred through various mobile transfer systems in the country. Such a huge number can be attributed to the fact that the citizens are able to conveniently transfer and even save their money. Major players who have made this possible are:
The company behind this concept, Safaricom, has received applause in the global context for their innovation. The mobile money platform allows its 15 million clients to transfer money conveniently. It has liaised with various banks to help its users to access their bank accounts and make transactions. One of the babies born out of such an alliance is the M-Shwari, a platform the helps people to save and borrow money.
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The company has strived to beat the competition from Safaricom and has made some milestones. The services are offered at a cheaper rate than the competition.
The most successful financial facilities in Kenya, Equity Bank, launched its mobile transfer money system, Equitel, a couple of years ago. It has since served a large population of Kenyans who are totally tired of the idea of queuing in the banks to access their hard earned money. The best thing is that the bank has numerous agents to assist its consumers. Ensuring that the clients can also conduct transfers via the online platform has increased the number of people subscribed to its services.
The transfer system is powered by the Kenya Commercial Bank, one of the oldest and trusted financial facilities in the country. There are various agents located across the country to enable the subscribers get the services that they need.
The service providers are known to deliver quality services at an affordable rate. They appeal to the Kenyans who are eager to try new products in the market.
The services are offered by Co-Operative Bank. It has liaised with Safaricom and other communication networks to enable the clients access their cash at time and place.
While the platform may not have many subscribers in the country, it has the potential for growth given the fact that their services are affordable.
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Certainly, Kenyans have enough options when it comes to accessing reliable money transfer systems. They may make their choices based on their budget and efficiency of service delivery. As they do this, other players such as Bit-Pesa and Visa are getting attracted to the market and may offer even better services in the future.