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.
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.