Safaricom, a Kenya-based mobile network operator, has upgraded its M-Pesa mobile money service to enable near instantaneous mobile banking transactions.

A system upgrade to its Application Programmable Interface has resulted in a reduction of transaction time from an average of two hours to less than 30 seconds.

The new platform, according to Safaricom, will streamline operations for businesses that disperse staff salaries or receive payments through M-Pesa.

The company says the platform will also improve operations for businesses that transfer cash to their bank accounts on a regular basis.

Bob Collymore, CEO of Safaricom, said: "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.

"12 leading banks and 26 SACCOs have already migrated to the new platform and migration is on-going for 30 other institutions," he added.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Mobile banking was introduced in Kenya in 2011, with its customer base growing 262% to over 8.8m between December 2011 and December 2013.

It is projected that over 13m Kenyans will be undertaking mobile banking by the end of 2014.

Related to:

Mobile payments on rise in Kenya, Nigeria, says Standard Bank

Kenyan bank CfC Stanbic launches new electronic payments service

Safaricom to introduce online payment service in Kenya