In Kenya, business owners use a mobile money transfer service to help customers get access to cash Who is doing it: Kenyan telecom provider Safaricom offers the M-Pesa mobile money transfer service to its 12 million subscribers. Shopkeepers, banks or other business owners can register as agents who accept deposits, dispense cash or use their phones to debit customers’ accounts. For example, Mama Wanja, a business owner who runs a shop in central Kenya’s Thika district, extends credit to customers and debits their M-Pesa accounts when it’s time for them to pay their bills. More on CIO.com Vodafone and Western Union to Partner on Money Transfers Mobile Phone Banking Poised for Growth in Africa How it works: Individuals or financial institutions can send money electronically to M-Pesa or make cash deposits through an agent. Safaricom charges a commission for transfers based on the amount of the transaction, but a deposit is free. The commission is then divided between Safaricom and the agents. There are five million registered M-Pesa users; individuals who are not registered can still use the service, but pay more for it. Growth Potential: Too early to tell. In its first six months (ending last September), M-Pesa had yet to break even. John Kamau, general manager of NetLink Limited, a retailer of mobile devices and services, thinks fees for the service will drop and the market will expand once other mobile providers in Kenya launch their own money transfer services. Related content BrandPost How to Build ROI from Cloud Migration This whitepaper and webcast can help you calculate the ROI and create a business case for modernizing your legacy applications to the Microsoft Cloud. By Tata Consultancy Services Mar 24, 2023 1 min Retail Industry Cloud Computing BrandPost How to power a sustainable enterprise on Microsoft Cloud In this eBook, we’ll follow the journey of Amal Skye, a fictitious woman who is committed to living in a way that preserves the planet for the future —and how businesses like Tata Consultancy Services and Microsoft are making that possi By Tata Consultancy Services Mar 24, 2023 1 min Retail Industry Green IT BrandPost How the metaverse will help financial organizations transform employee and customer experience on Microsoft Cloud With the right infrastructure and security protections in place, financial institutions can make virtual services more convenient, engaging, and accessible while staying compliant, maintaining security and preventing fraud. By Tata Consultancy Services Mar 24, 2023 4 mins Financial Services Industry BrandPost Improving ESG performance in financial services on Microsoft Cloud Overcoming data-related challenges will be key for banks and other financial institutions to make progress toward sustainability and other objectives. By Tata Consultancy Services Mar 24, 2023 4 mins Financial Services Industry Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe