What do M-Pesa agents do?
M-Pesa agents pre-buy mobile money so that they can sell it to customers in exchange for cash (so the customer can “cash-in”); they also do the reverse, selling cash in exchange for mobile money (so the customer can “cash out”). The cash and M-Pesa balances that agents manage and store are always their own.
Can I access my M-Pesa account online?
It is possible to download your Mpesa statement online by accessing Safaricom Self-care. Simply type in the URL www.safaricom.co.ke. Agree to the terms and condition and an activation number will be sent to your phone. Key in the activation number and the process is complete.
What is M-Pesa and how does it work?
M-Pesa is a virtual banking system that provides transaction services through a SIM card. Once the SIM has been inserted into the card slot of the mobile device, users can make payments and transfer money to vendors and family members with SMS messages. M-Pesa provides receipts as proof of transaction.
What are the benefits of M-Pesa?
M-PESA lets people deposit, send, and withdraw funds on their mobile phones. … M-PESA is convenient, fast, secure, accessible and above all cost less when compared with the competition. And these advantages were the driving force in favour of its adoption at the individual level (Mugambi et al., 2014) .
How profitable is M-Pesa?
MPesa business is one of the most profitable small capital businesses in Kenya. In a good month, you can make as much as Ksh 50,000 depending on location and traffic flow. These statistics, coupled with the immense profits generated from M-Pesa tells how a lucrative business opportunity MPesa is.
How much does Safaricom pay M-Pesa?
On average, the deposit commissions range between 12-17% across the various transaction bands. And as you have noted, Safaricom has introduced a new Kshs. 0- 49 transaction band to cater for small transfers.
Is M-Pesa in Saudi Arabia?
Xpress Money is offering the M-PESA service to its customers in Saudi Arabia as part of the company’s phased roll out of mobile remittance channels across various countries.
Is M-Pesa regulated?
Because Safaricom is part of the Vodafone group, an international and reputable multina- tional in the provision of mobile technology, the M-Pesa product continues to benefit from research and devel- opment of Vodafone. Operational issues are regulated by the CA.
How much do mpesa agents earn?
With the new tariffs, the lowest an agent earns on deposits between sh. 50 to 100 is 4 shillings. The highest commission is sh 190 for deposits of sh. 50,000 to 70,000.