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Safaricom Speeds Up Mobile Banking Services

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Kenya 's Safaricom has upgraded its mobile banking service to make transactions essentially instantaneous. They use to take up to two hours to process.

Safaricom says the new platform allows for the streamlining of operations for businesses which pay staff salaries through M-Pesa, receive payments and those that transfer cash through the platform regularly.

"Innovation is a continuous process at Safaricom and that is why we have been seeking ways to deliver services to customers with speed and efficiency. Twelve leading banks and 26 SACCOs have already migrated to the new platform and migration is on-going for 30 other institutions," said Safaricom\'s Chief Executive Officer Bob Collymore.

Safaricom through the general manager for financial services Betty Mwangi adds that the upgrade will also improve efficiency and convenience among its customers.

"The advent of M-PESA provided Kenyans with an unprecedented degree of financial liberation and the pressure is therefore on us to stay ahead of the market by continuously coming up with innovations that respond to or predict market needs." She says.

Safaricom expects that more than 13 million Kenyans will be using mobile banking by the end of this year.

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Tags: safaricom  m-pesa  mobile banking  Kenya