Safaricom PLC has over the years consistently provided financial services and solutions to the unbanked population in Kenya. With the huge success story of MPESA launched in 2007 the Telco has been able to use digitization of banking transactions and the proliferation of mobile services to alter the business model around low value banking services.
The latest partnership between the Telco, global online payment system PayPal and TransferTo, will open global market places to Kenyan businesses and individuals while boosting their reach and growth, placing them on global stage. The platform will allow local businesses sell goods to more than 20 million active PayPal users across the globe. PayPal’s collaboration with MPESA will allow users in Kenya to receive and load their PayPal wallets hence enabling them to shop with global ecommerce websites and PayPal merchants globally.
M-shwari has furthermore improved financial inclusion as it facilitates access to mobile loans conveniently disbursed on your MPESA wallet. Since its launch in 2012 M-shwari has 21.1 million Kenyans using the services as they continue to improve their lives and businesses.
In line with Safaricom’s purpose of transforming lives and guided by strategic pillars of Customer first, Relevant Products and Services and Operational Excellence Safaricom has gone ahead to bring to life the new brand identity ‘Twaweza’ by offering M-TIBA a service on your mobile phone that allows you to set funds aside for healthcare. Funds stored in M-TIBA can only be used to pay for services and medication at specific healthcare facilities which carry the M-TIBA logo. One can transfer funds from your M-PESA to your M-TIBA. Funds stored in M-TIBA are managed by UAP insurance.
The DIGIFARM is another innovation by Safaricom that connects smallholder farmers with agro suppliers and Government services has issued 7,000 loans to farmers since its inception in October 2017. With 60 per cent of Kenyans dependent on farming, the farmers have used the mobile loans to purchase farming outputs such as fertilizer and seeds.
The progressive and continued innovations will place Kenya on the top as one of the countries that continue to enhance financial inclusion as a key ingredient for sustainable development with Fintech providing a tremendous opportunity to accelerate this progress.
