M-Pesa: The innovative money transfer that has changed the banking sector in Kenya

"Nowadays, I do not carry cash with me because of M-Pesa. I can pay the school fees of my children and all my bills, such as electricity and water at the comfort of my home"

In a country with a population of about 45 million people, the number of subscription in Kenya has surged from 330,000 in 2001 to 38 million in 2016. At the moment, 7 in 10 adult Kenyans have a mobile phone.

This rise of mobile phones has acted as a game changer in the banking sector where people have moved from the physical banking system to the mobile phone "M-Pesa" banking system.

According to a customer, "Nowadays, I do not carry cash with me because of M-Pesa. I can pay the school fees of my children and all my bills, such as electricity and water at the comfort of my home."

Bob Collymore, the chief executive of Safaricom says, "I have not carried any cash with me for three weeks."

One of the ways that the M-Pesa technology has truly changed the lives of people is its ability to send money to people in the rural areas where the banking sector is not available.

The only problem with the technology is that the charges are still high for the people who are living in the rural areas. However, because of competition from other mobile networks, such as Airtel and Orange reducing their charges, Safaricom may experience a reduction in its M-Pesa users.

Currently, Safaricom has been reducing its charges, but they are still high compared to competitors. The future is bright for M-Pesa as more people are becoming aware of the technology and registering for the service.

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