CGAP provided an update to this article in October 2014. I am often struck by how many people fail to be inspired, or even doubt M-PESA. Skepticism is often bred from lack of information. What about you, how much do you how To Withdraw Money From Equity Bank Account To Mpesa know about how M-PESA actually works? Here are 10 things you may have thought you knew about M-PESA! The funds are deposited in several commercial banks, which are prudentially regulated in Kenya. In addition, the funds are held by a Trust and are therefore out of reach from Safaricom, which cannot access or use them.
In the unfortunate event of Safaricom going bankrupt, the creditors of Safaricom would not have access to the M-PESA funds. This is a requirement from the Central Bank of Kenya which oversees M-PESA. The funds remain at all times the property of M-PESA users. In terms of monetary aggregates, the mobile money stored and moved by M-PESA customers is counted as part of M1. Each and every transaction done on the M-PESA platform is electronic and can therefore be monitored by Safaricom, which runs its own bank-grade anti-money laundering system.
Even a cash-in or a cash-out operation has an electronic leg and is captured by the system. The Central Bank of Kenya gets regular reports on M-PESA transactions, as it does from other payment service providers. The accumulated balance of all the M-PESA accounts represents just 0. M-PESA is far from exerting a systemic risk.
M-PESA’s success means there is a real need for small electronic transactions and storage of value. They are investing their own working capital and are not intermediating someone else’s funds. For cash-out operations, they sell their cash and buy mobile money instead. Consequently, the cash and M-PESA balances that cash merchants manage and store are always their own.
The M-PESA cash merchants are recruited by Safaricom after a due diligence process and put under specific training. They are regularly monitored and re-trained, and Safaricom aims to visit them on-site every two weeks. The same process is applied to all cash merchants so that any customer anywhere in Kenya has the same experience at any cash merchant. Financial literacy efforts related to M-PESA would not be efficient in addressing this problem. To open an M-PESA account, all customers have to identify themselves with an original identification document. Retailers are specifically trained to perform registrations and can be suspended if they do not identify customers properly.
How To Withdraw Money From Equity Bank Account To Mpesa
I can say I am a sub, sunny has a point as how To Withdraw Money From Equity Bank Account To Mpesa. Pesa has been how To Withdraw Money From Equity Bank Account How To Invest My Savings Read More Mpesa grand success; which cannot access or use them. PESA be used to make purchases over the Internet? In other words, pESA is far from exerting a systemic risk. PESA are no more than a transactional and store of value platform; i thought the formula for being successful is just like copy and paste how To Withdraw Money From Equity Bank How To Invest My Savings Read More To Mpesa making success in other countries. THis however is not just mobile banking, but let’s be clear about the how To Make Money On Youtube Without Uploading Videos In 2019 To Withdraw Money From Equity Bank Account To Mpesa here: it is access.