Access Holdings recently made its biggest play in East Africa with the acquisition of the entire issued share capital of National Bank of Kenya Limited. 

“This partnership encompasses more than a convergence of capabilities; it signifies the fusion of collective expertise, resources, and an unwavering commitment to drive financial inclusion, empowering millions throughout Africa,” Aig-Imoukhuede said.

Nigeria and Kenya are the first and third largest recipients of diaspora remittances in sub-Saharan Africa, data from the World Bank’s Migration and Development Brief report shows. In 2023, remittances to Nigeria accounted for 38% of the total $58 billion remittance flows to the region, growing by 2%, while Ghana and Kenya, posted estimated gains of 5.6% and 3.8%, respectively. 

As the largest consumer bank in Africa with over 60 million customers in 21 countries, Access Bank will significantly boost its remittance business by tackling the challenges customers face in making remittances within and outside the continent.

The collaboration, which is subject to approval from the Kenyan financial authorities, will see the players connect more than 60 million customers and 5 million businesses across 8 countries and process more than $1 billion a day in transaction value. Access Holdings which has a presence in 14 African countries and is the largest consumer banking institution, is expected to provide technology-infused financial services and Coronation Group will bring its technology expertise to the deal. 

M-Pesa, the mobile money platform of Safaricom, currently dominates the mobile money market in Kenya with a 96.5% share of the market. Another report has shown that 32% of remittances in Kenya are through mobile money operators. But M-Pesa is facing a future separate from Safaricom. In December 2023, Kamau Thugge, governor of the Central Bank of Kenya, said plans to split M-Pesa from Safaricom were ongoing to minimize shocks.

“African countries trade more with nations outside the continent than within themselves. Initiatives such as the African Continental Free Trade Area (AfCFTA) seek to address the lack of intra-continental trade. This partnership with Safaricom, Coronation Group and Access Holdings seeks to explore remittance corridors between East and West Africa, bringing alive the AfCFTA spirit,” said Sitoyo Lopokoyit, managing director, M-Pesa Africa. 

The first phase of the collaboration will concentrate on the biggest markets along the East and West African corridor, including Nigeria, Kenya, Ghana, and Tanzania. 

If you need quick financial assistance, accessing a loan through M-PESA, particularly the KCB M-PESA service, can be a convenient solution. Here’s a step-by-step guide on how to apply for emergency KCB MPESA loans:

1. Access M-PESA Menu

 Begin by accessing the M-PESA menu on your mobile phone. This is typically done through the M-PESA app or by dialling *234#.

2. Select Loans & Savings

Once in the M-PESA menu, navigate to the “Loans & Savings” option. This will lead you to a list of available loan services.

3. Choose KCB M-PESA 

From the list of loan services, select “KCB M-PESA.” This will direct you to the KCB M-PESA platform where you can access loans and other financial services.

4. Select Loans on the MPESA Menu

Within the KCB M-PESA platform, choose the “Loans” option. This will initiate the loan application process.

5. Request Loan

Once you’ve selected the “Loans” option, proceed to request a loan. You may be prompted to input additional information such as loan terms and repayment options.

6. Enter Amount

Specify the amount of money you wish to borrow. Ensure that it is within the allowable limit based on your eligibility and the terms of the loan service.

7. Enter M-PESA PIN & Submit 

After entering the loan amount, you will be required to enter your M-PESA PIN to authenticate the transaction. Once entered, submit the request.

8. Loans Deposit to MPESA account

Upon successful submission, the loan amount will be deposited into your KCB M-PESA account. However, to access the funds, you’ll need to transfer the money from your KCB M-PESA account to your M-PESA wallet.

9. Transfer to M-PESA

To access the loan funds, initiate a transfer from your KCB M-PESA account to your M-PESA wallet. This transfer is typically free of charge.

Final thoughts on how to apply for emergency KCB MPesa loans 2024

These simple steps will help you easily apply for and access a loan through KCB M-PESA via the M-PESA platform, providing a convenient financial solution whenever you need it.

The Standard Gauge Railway (SGR) provides a swift and efficient means of transportation. Alongside the convenience of SGR, the railway service offers multiple payment options to cater to diverse traveller preferences. Among these, the most prominent and widely used method is the mobile money service, M-Pesa. Here we’ll guide you through the steps on how to pay for your SGR online booking via MPesa, ensuring a hassle-free experience.

1. Booking your SGR ticket

Before delving into the payment process, you should have already booked your SGR ticket. Read the easy steps on how to book your SGR ticket here. Once your booking is complete, you will receive a booking reference number.

2. SGR online booking payment via M-Pesa

After booking your ticket, you’ll proceed to the payment step. Here, you’ll have the option to choose your preferred payment method. Select M-Pesa to pay using your mobile wallet. 

3. Entering your M-Pesa mobile number

Once you’ve selected M-Pesa, you’ll be prompted to enter your M-Pesa mobile number. Make sure to enter the correct number associated with your M-Pesa account to avoid any payment discrepancies.

4. Confirming your payment

After entering your mobile number, click “proceed to payment.” This action initiates a request to your M-Pesa account, and you’ll receive a prompt to confirm the payment on your phone. Ensure that all the payment details are correct before confirming.

5. Completing the payment process of SGR online booking via MPesa

Once you confirm the payment, M-Pesa will deduct the ticket cost from your mobile wallet. You’ll receive a payment confirmation message from M-Pesa, which serves as your receipt. This message is essential, so make sure to keep it for your records. The confirmation message includes the details of the transaction, such as the amount paid, the recipient, and the transaction code.

6. Boarding the SGR

With your payment confirmation in hand, you’re all set to board the SGR at your scheduled departure time. Be sure to arrive at the station a little earlier to complete the check-in process.

Final thoughts on SGR online booking via MPesa

Paying for your SGR online booking via MPesa is not only convenient but also secure. It eliminates the need to carry physical cash or visit a physical booking office, making your travel experience with SGR even more seamless. Remember, the payment confirmation message is your proof of purchase, so don’t forget to save it. 

Telkom subscribers can conveniently buy airtime using M-Pesa. And the process is very seamless and similar to buying airtime on Airtel using M-pesa. Here we guide you through the steps to buy your Telkom airtime using MPesa.

1. Go to the M-Pesa menu

To begin the process, access your M-Pesa menu on your mobile phone. 

2. Select ‘Pay-Bill’

Once you’ve accessed the M-Pesa menu, navigate to the “Pay Bill” option. This feature allows you to make payments to various businesses and services, including Telkom. After selecting “Pay Bill,” you’ll be prompted to enter the business number. For Telkom, the designated business number is 220220. This unique identifier ensures that your payment goes to the right recipient.

3. Enter Account No. TELKXXXXXX

You’ll be required to enter your Telkom account number. This is vital to ensure that your airtime is credited to your Telkom account accurately. Your Telkom account number should be in the format TELKXXXXXX, where XXXXXX represents your Telkom mobile number.

4. Enter the amount of Telkom airtime you need to buy with MPesa

Enter the airtime amount you need. Double-check the amount to ensure it matches your bill, as errors may not be reversible. 

5. Enter your M-Pesa PIN then send

To confirm the payment, you’ll need to enter your M-Pesa PIN, which adds an extra layer of security to your transaction. Once your PIN is entered, review all the details to make sure they are correct, and then click “Send.”

And that’s it! You’ve successfully bought your Telkom airtime using M-Pesa. 

Precautions when you want to buy Telkom airtime with M-Pesa

1. Verify Recipient: Double-check the recipient’s mobile number to avoid sending airtime to the wrong person.
2. Transaction Amount: Ensure you enter the correct airtime value to prevent overcharging or underloading.
3. Secure PIN: Safeguard your M-Pesa PIN to prevent unauthorized transactions or misuse.
4. Confirmation Message: Always review the confirmation message before completing the transaction to ensure accuracy.

With millions of users across the country, M-PESA provides a convenient and secure platform for financial transactions. If you’re new to MPesa and want to open an account, follow this simple guide.

1. Visit a M-Pesa agent

To open an MPesa account, you’ll need to visit an authorised M-PESA agent. These agents can be found throughout Kenya, often in small shops and businesses. Look for the distinctive M-PESA sign.

2. Provide identification

At the agent’s location, you’ll be asked to provide identification. A Kenyan national ID card or a valid passport are the most commonly accepted forms of identification. You’ll also need to provide a passport-sized photo.

3. Complete the registration form

The agent will provide you with an M-PESA registration form. Fill in the required details, which typically include your full name, phone number, and the mobile network you’re using.

4. Receive your M-PESA Menu

Once your registration is processed, the agent will set up your M-PESA menu on your mobile phone. You will receive a confirmation SMS with your new M-PESA PIN, which you can change later for added security.

5. Activate your MPesa account

To fully activate your M-PESA account, you’ll need to deposit money into it. Hand the agent the cash you want to deposit, and they will load it into your M-PESA account.

6. Start transacting

With your M-PESA account now active, you can start using the service for various transactions. You can send money to others, pay bills, buy airtime, and even save money in an M-PESA account.

7. Learn the USSD codes after you open an MPesa account

To make transactions easier, familiarise yourself with the USSD codes for M-PESA. For example, dialling *234# will give you access to various M-PESA services directly from your phone.

8. Security tips

Remember to keep your M-PESA PIN secret. Do not share it with anyone, and avoid using easily guessable numbers. Safeguard your SIM card, as it is linked to your M-PESA account.

Final thoughts on how to open an MPesa account

Once you have your account set up, you’ll have access to a wide range of financial services at your fingertips. M-PESA’s convenience has made it an integral part of daily life for millions of Kenyans, and with these simple steps, you can join them in enjoying the benefits of this mobile money service. You can read of M-Pesa transaction charges here.

M-Pesa, a pioneering mobile money transfer service, keeps revolutionising the way people in Kenya conduct financial transactions. In this article, we will delve into the details of MPesa transaction charges, enabling you to make informed decisions when utilising their service.

First, let’s see the transaction types that can warrant Mpesa charges.

M-Pesa charges for sending money 

When sending money through M-Pesa, transaction charges may vary based on the amount being transferred. For example, in Kenya, for amounts between Ksh1 and Ksh49, the charge could be as low as FREE. In this article, we’ll outline the Mpesa charges according to every type of transaction. 

M-Pesa charges for withdrawing money

Withdrawing money from your M-Pesa account can also incur charges. The withdrawal fee varies depending on the amount being withdrawn and the method chosen. Similar to sending money, withdrawal charges may differ, and it’s essential to confirm the rates applicable to your transaction. So keep reading. 

Other Mpesa charges

In addition to sending and withdrawing money, M-Pesa provides various services with associated charges. These services include paying utility bills, purchasing airtime, and conducting merchant transactions. The charges for these transactions differ depending on the specific service and the country of operation. 

Below are comprehensive lists of transactions and M-Pesa-associated charges:

5 things to note using M-Pesa

1. The highest account balance you can keep is Kshs.300,000
2. You cannot transact above Kshs.300,000 per day
3. At a go, you cannot perform a transaction higher than Kshs.150,000
4. You must be ready to withdraw up to Kshs.50 if you must use an M-Pesa Agent.
5. To initiate an M-PESA self-reversal, send your transaction confirmation to 456.

Final thoughts on Mpesa charges

M-Pesa has transformed the way people handle financial transactions in multiple countries. While the specific transaction charges may vary depending on the country and service, understanding the general principles of M-Pesa transaction fees empowers users to plan their financial transactions more effectively. Stay informed and take advantage of the convenience and affordability offered by M-Pesa.

To help its M-PESA customers make purchases when they don’t have enough money in their account, Safaricom offers a continuous overdraft service called FULIZA. The FULIZA’s M-PESA overdraft service is available to customers who are registered M-PESA users with a valid Safaricom M-PESA line. And in order to make use of the overdraft service, customers will have to opt-in. Here, we’ll cover how to tap into the FULIZA loan M-Pesa feature.  

Eligibility for FULIZA

Please note the following eligibility points for the overdraft service:

• While anyone who has activated M-PESA with a national ID, Kenyan passport, or Military ID can use FULIZA, not everyone who activates FULIZA will be approved for a loan immediately.

• Accounts on M-PESA created with a non-Kenya passport will not be able to activate the overdraft service.

• After signing up, you’ll be given a limit that determines how much of an overdraft you can access.

Accessing FULIZA

Follow these steps to get started with the loan service:

• Dial *334#/*234#
• Select Loans and Savings then navigate to FULIZA
• Opt-in to access the amount limit you have been given. 

Other notes about the loan service

Here are other points to bear in mind regarding FULIZA:

• As long as it doesn’t go over their allotted amount, customers can make as many FULIZA loan requests as they like.

• A user can send funds to both verified and unverified recipients from the loan.

• Customers using the loan feature can use it to pay to Lipa Na M-PESA, buy goods and paybill, buy airtime for themselves and other via USSD or M-PESA APP

• There is an initial 1% entry cost, and then a daily maintenance fee of 1% beginning at 00.00 hours the next day.

• The access cost paid by a Customer additionally includes an excise levy of 20%. Customers who use the M-Pesa loan service and repay before the next day at 00.00hrs will only be required to pay the access fee and maintenance on the outstanding amount. 

What’s the FULIZA limit?

A FULIZA limit will be assigned to a customer who has been using the network for at least six months depending on the usage of their line at the time of activation. Those who have been using the service for less than six months will have no access to using the overdraft services.

Meanwhile, when you eventually have access to the loan feature, your first borrowing limit may be pretty low. So to increase your overdraft limit, you must maintain active use of Safaricom and M-PESA services, as well as timely repayment of your FULIZA M-PESA facility through M-PESA top-ups.

Keep in mind that your FULIZA limit can go up or down depending on how much you borrow and how quickly you pay it back.

After 15 years of owning the trust company set up to manage the deposits from users of the M-Pesa mobile money service, Vodafone, the UK telecoms group wants to sell it for a symbolic $1 or 137 Kenyan shillings. As recently as two months ago, a lawsuit filed by three Kenyans listed both Mpesa Holding Company, the trust company, and Vodafone among others as defendants.

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The 150-page lawsuit alleges that the trusteeship that formed M-Pesa Holdings violates Kenya’s law on forming trust companies. The petition argued that by offering loans through Fuliza, a digital loan product, through M-Pesa, Safaricom was engaged in banking services without a licence, since the loans were made from the deposits of other M-Pesa users. Vodafone, Safaricom, and 19 others were listed as defendants in the case. The case is still in court.

It is the same trust that Vodafone disclosed it was selling to Safaricom for $1. “On 17 April 2023, the group entered into an agreement to sell M-Pesa Holding Company Limited (MPHCL) to Safaricom Plc, an associate entity of the group, for $1 (Ksh137 at current exchange rates),” reads part of the Vodafone statement. “No material gains or loss is expected to arise on disposal. Completion of this transaction is subject to various approvals which are expected to be obtained before or during July 2023,” the statement continued.

Safaricom’s revenues took a third consecutive hit when the telco reported its annual numbers for 2022 driven by costs associated with its expansion into Ethiopia. And the acquisition of a $150 million licence to operate mobile money services in Ethiopia. So it makes sense to acquire a cashflow-generating asset like M-Pesa Holdings which according to statements from Vodafone held M-Pesa customer funds amounting to €1.226 billion (Ksh182.18 billion) as of 17 May 2023.

Local media reports say the move will be a boon for Safaricom’s cash flows in addition to providing interest income if Safaricom invests M-Pesa user deposits in short-term securities. Investing in short-term securities is exactly what Vodafone said it did with the cash it managed in M-Pesa Holding for 15 years since M-Pesa was launched. 

 “Balances included in the group’s consolidated financial statements for M-Pesa Holding on 31 March 2023 include short-term investments of $1.35 million and $1.33 million due to M-Pesa customers, recorded within Other investments and Other creditors, respectively,” Vodafone said. In total, M-Pesa Holding had short-term investments of €1.247 billion (Ksh185.3 billion) as of March 31, 2023. Vodafone however added that added that any profit generated by M-Pesa Holding’s investments is donated for use to public charitable purposes after it subtracted direct costs.

Per the National Payment System rules which guide the operation of digital payments in Kenya, trusts can be created to manage the funds held by a payment system participant like Safaricom’s M-Pesa service (not to be confused with M-Pesa Holding, the trust company). The regulations allow the trust to invest deposits it holds, but income from such investments must be donated to charitable organisations. Or (if approved by the Central Bank of Kenya) wherever the agreements creating the trust stipulate. The wrinkle is that the national payment system Act came into law seven years after the M-Pesa service was launched. In effect, the trust forming M-Pesa Holding predates the payment provider regulations. Safaricom is a licenced payment service provider in Kenya, but the lack of a banking licence undergirding its lending operations has long been debated in public and in Kenya’s parliament.

On the campaign trail last year, President Ruto promised to separate Safaricom M-Pesa so it could be better regulated. Buying M-Pesa Holding from Vodafone may be part of moves to supplement cash flow as the company takes on its Ethiopian rival. But it could also easily be a belated attempt to comply with the rules that prevent Vodafone from owning the trust managing M-Pesa deposits.

In early October 2022, TechCabal reported that Kenya’s leading telco Safaricom officially launched its Ethiopian service following a ten-city pilot and a phased launch across the country. Now it has received permission (officially termed “payment instrument issuer licence”) from the central government to roll out M-Pesa in Ethiopia.

At the elaborate ceremony to celebrate the launch of Safaricom Ethiopia last year, Ethiopia’s minister of finance, Ahmed Shide, announced that his government had awarded Safaricom permission to roll out M-Pesa, its widely successful mobile money product, in Ethiopia. The announcement followed President Ruto’s speech where he expressed confidence that Ethiopia would grant Safaricom’s mobile money licence request in a deal that was reportedly finalised by President Ruto and Ethiopia’s Prime Minister Abiy Ahmed in Addis Ababa. But it took little over eight months for the actual licence to be issued.

“The issuance of the mobile money licence reflects the NBE’s on-going objective of fostering innovation and financial inclusion in the Ethiopian market,” part of the statement from the National Bank of Ethiopia, Ethiopia’s central bank read.

Ethiopia gets serious about opening up

Prior to this licensing, talks about awarding mobile money licences were slow-walked by Ethiopia’s bureaucracy which sought to protect the government–majority-owned Ethio-Telecom and its then-recently launched mobile money service, Telebirr. Eventually in April 2022, Ethiopia’s central bank announced a draft bill which, upon being made law, permitted foreign–owned telecom operators like Safaricom to launch mobile money services.

In December 2020, the Ethiopian government invited telecom companies to bid for two licences to compete against Ethio Telecom. Only two consortia placed bids. One from South Africa’s MTN Group in partnership with China’s Silk Road Fund. And the second was from the Global Partnership for Ethiopia Consortium, led by Kenya’s Safaricom and including Vodafone, Vodacom, CDC Group (now British International Investments and Japan’s Sumimoto. The Safaricom-led consortium won after the government rejected the MTN Group’s bid. MTN refused to participate in a second tender following this loss to Safaricom.

Until Safaricom’s entry, state-owned Ethio Telecom operated as a monopoly with 54 million subscribers in Ethiopia, Africa’s second most populous country with an estimated population of 118 million people. Now Safaricom’s near monopoly M-Pesa gets to compete with the Telebirr service from government–backed Ethio-Telecom. It is worth noting, however, that the Ethiopian government is looking to sell 45% of Ethio-Telecom.

KCB Bank Kenya Limited, licensed by the Central Bank of Kenya, is a bank based in the Kenyan capital, Nairobi. M-PESA is a mobile banking service that enables users to save and transfer funds from their mobile devices. M-PESA was first introduced in Kenya to provide its citizens with an alternative method of gaining access to banking services. And if you’re Kenyan, it’s highly probable that you have an account with one or both institutions. Therefore, you may want to learn how to deposit money from M-PESA to KCB in Kenya and vice versa.

How to withdraw money from KCB and deposit it to M-PESA account 

Here is a step-by-step process of how to deposit money from your KCB account to your M-PESA account. 

• Dial *522# on your phone and input your M-Benki PIN to begin the transaction.

•  From the drop-down menu, choose “MyKash,” and then “M-Pesa.”

• Enter the amount you wish to send, up to fifty Kenyan shillings (KSh). The total cost of your transaction will be shown, alongside the amount you wish to send.

• If you’re sure everything is in order, accept and finalise the prompt.

• You will be notified of the deposit in your M-PESA account via SMS. 

How to deposit money from M-PESA to KCB

Transferring money from M-PESA to a KCB account is quite simple and here’s how:

• First, go to your M-PESA menu.

• Choose “Lipa na Mpesa”.

• Enter the PayBill number – 522522

• Afterwards, type in the KCB account number of the recipient.

• Enter the amount you wish to send, then enter your M-PESA PIN and confirm to send money.

The charges for transferring money between KCB and M-PESA

KCB does not impose any fees on customers who make deposits through M-PESA. However, transferring money from an M-PESA account to KCB has charges attached. The fees associated with using M-PESA are listed below:

• Any fees associated with using USSD to connect to KCB Mobi Bank are the responsibility of the mobile service provider. If you use M-PESA, you’ll be billed 2 Kenyan Shillings. 
• Balance inquiry costs 33 Kshs. 
• Requesting a mini statement costs 33 Kshs. 
• Checking foreign exchange rates is free.
• Transferring money from a KCB account to M-PESA costs 55 Kshs.
• Buying airtime for yourself or someone else is free
• Interest on Mobi Loans and Kopa Bill Loans is 6% per annum.
• Paycheck advances carry a monthly interest rate of 8%.

Note: There is a hack through which you can deposit money to a KCB account from M-PESA without paying the transaction charges and here’s how: 

Simply open a KCB M-Benki account, which is essentially opening a KCB account through M-Pesa. 

How to Open a KCB M-BENKI Through M-Pesa

• First, go to the M-PESA menu

• Choose Lipa na M-PESA

• Select Paybill and enter Paybill number 522522

• Under account, type “ID” and without spacing input your National ID Number e.g ID987654321. 

• Enter the amount you wish to deposit, and then input your M-PESA PIN.

• You’ll get two SMS, one with your KCB M-BENKI Account number, and the other with your temporary PIN.
• Congratulations, you’re all set to make transfers without transaction charges!