In a significant move set to transform the landscape of mobile financial services, the Central Bank of Kenya has granted Safaricom’s request to elevate the M-PESA account limit to KSh. 500,000. This transformative adjustment is poised to take effect on August 15, 2023, and will be applicable to all M-PESA customers across Kenya. Alongside the…
Uber and Safaricom have entered into a partnership that will enable Payments for Unbanked Riders through M-Pesa. Through this new partnership, UberEats delivery drivers will also receive their payments via the mobile money platform, and customers will have the option to use M-Pesa for their payments. This collaboration aims to address the needs of approximately…
Safaricom has officially introduced the zero-interest credit service called “Faraja,” which allows customers to purchase goods valued at up to Sh100,000 on credit. Initially, the financial regulator had blocked this service, but now it’s set to shake up the mobile loans market, challenging products like Fuliza, a mobile overdraft service offered on M-Pesa. Faraja enables…
TerraPay, a prominent global payments infrastructure company, has announced a strategic partnership with Safaricom, Kenya’s leading telecommunications, IT, and financial services provider. The collaboration aims to drive financial inclusion by facilitating seamless cross-border payments. Through TerraPay’s subsidiary, Mobex (Kenya), a licensed Money Remittance Provider, over 30 million M-PESA mobile wallet users in Kenya will be…
