Almost 75% of people around the world now have a bank or mobile money account. That’s a huge increase from ten years ago1. M-PESA Kenya, a top mobile money service, has helped boost these numbers. It offers a strong and safe way for many to handle their money2. In March 2014, Kenya saw nearly 74 million mobile money transactions. They also had 12.5 million folks actively using mobile money2. This shows how much people trust and use services like M-PESA for moving money around, both locally and to other countries.
Helping women get into finance is a big goal here. For example, a $500 million fund will help women in Kenya use mobile money over the next five years1. When women have access to digital money, it helps them and the world’s economy to grow1. This guide makes it easy for you to join this safe and inclusive financial movement.
Understanding the Basics of Kenya Mobile Money Services
Kenya’s adoption of mobile money has changed the finance world greatly, thanks to M-PESA. With 68 million accounts3, Kenya leads in digital finance. Everyone there uses mobile money for things like paying bills, saving money, and getting loans. This service is not just in Kenya but also helps people in Lesotho and Egypt.
M-PESA lets people send money abroad easily. This shows how financial technology is making things quicker, safer, and clearer4. The COVID-19 pandemic showed we rely on technology to keep finance systems working while staying apart4. To keep this up, big investments have been made in technology like mobile internet and digital IDs, boosting M-PESA’s reach4.
Using M-PESA does come with fees, around 1% to 3% per transaction3. Despite this, options like Remitly, Wise, and WorldRemit offer cheaper ways to send money. Especially Wise, known for its New Zealand to Kenya service, shows how dedicated companies make sending money easier3.
Efforts are being made to include women in digital finance, like the Women in the Digital Economy Fund5. This and partnerships like the Better Than Cash Alliance show a global move towards digital payments, aiming for a more inclusive finance world5.
Digital finance helps with many big goals; it can fight poverty and drive economic growth4. Countries like Ghana, India, and Tanzania show how digital money helps more people join the economy4.
In sum, Kenya’s mobile money scene is strong, led by M-PESA. This network is growing, making financial dealings easier around the world. By knowing the best ways to send money and using new tech, people can make the most of these digital opportunities.
Guide to Mobile Money Transfer to Kenya: Step-by-Step Procedures
When you want to send money to Kenya, it’s key to know about Kenya’s Electronic Payment and Settlement System (KEPSS). Since July 29, 2005, it has been a reliable system for real-time transactions6. Mobile money transfers are vital for business and online shopping, showing how digital finance is more important now6. This is why M-PESA is so popular. It’s known for secure and easy international transfers that many trust.
For a smooth online money transfer to Kenya, just follow some steps. These are based on systems from the Central Bank of Kenya. This bank helps make payments and transactions smoother6. Now, let’s look at what you should do:
- Dial the USSD code *840# on your mobile device to opt into M-PESA Kenya’s service.
- Accept the terms and conditions as prompted to begin the process of sending money abroad.
- If using the Safaricom app, navigate to ‘M-PESA Global’ and input the necessary payment details.
- Confirm the transaction, keeping in mind that costs may vary based on the transaction method and origin phone registration.
If you’re using M-PESA for a safe international transfer, consider platforms like Remitly. They make the process easy with a five-step procedure7:
- Register on the Remitly app with your personal details.
- Enter the transaction amount you wish to send.
- Choose the delivery speed which often varies from instant transfers to economy options.
- Provide the recipient’s information, ensuring that all details are accurate.
- Submit your payment details to finalize the transfer.
Since 2013, the shift to chip-enabled cards has made transactions safer. This happened with the ‘Great Migration to EMV Chip’ project6. Also, a list of approved Payment Service Providers (PSPs) shows you where it’s safe to transfer money internationally6.
Choosing the Best Mobile Money Transfer Options for Sending Money to Kenya
I always look for mobile money transfer services that are fast, reliable, and won’t cost too much. Remitly and WorldRemit allow me to send up to $50,000 a day. This means I can help my family and friends in Kenya without high fees8. These services usually send money within 2 business days8. It’s also important for me that my family gets the money safely. That’s why services that deposit directly into their accounts or let them pick up cash are great8.
Sending money safely to Kenya means using a service with a strong network. RBC allows clients to send money to over 200 countries effortlessly8. It’s like M-Pesa in Kenya, which has grown its agents by 40%9. A huge part of Kenya’s money moves through M-Pesa9. Fintech also helps keep things touch-free4. Knowing the people I send money to don’t pay fees makes me choose these services8.
Mobile money does more than just send money. It’s part of bigger changes in the economy. Fintech is helping make financial services stronger by expanding digital ID and open interfaces4. I like helping my family in Kenya. But I also like how these services are changing the economy. Telecom’s new mobile wallets will serve 300 million customers worldwide9. This shows how global money transfers are changing.
Source Links
- https://www.gatesfoundation.org/our-work/programs/global-growth-and-opportunity/inclusive-financial-systems
- https://www.gsma.com/mobilefordevelopment/wp-content/uploads/2015/02/2015_MMU_Enabling-Mobile-Money-Policies-in-Kenya.pdf
- https://www.monito.com/en/wiki/mobile-money-transfer-to-kenya
- https://pubdocs.worldbank.org/en/230281588169110691/Digital-Financial-Services.pdf
- https://www.usaid.gov/digital-development/digital-finance
- https://www.centralbank.go.ke/national-payments-system/
- https://www.samsung.com/us/support/answer/ANS00084582/
- https://www.rbcroyalbank.com/banking-services/international-money-transfer.html
- https://www.cnbc.com/2013/11/11/cashless-africa-kenyas-smash-success-with-mobile-money.html
