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The Evolution of the Mobile Money Space in Kenya

BY Soko Directory Team · June 14, 2018 07:06 am

For 10 consecutive years, Kenya has been voted as the leading nation in financial inclusion and as a leading African country in financial innovation.

The Mastercard Foundation, for instance, recognizes Kenya as a country that has made tremendous strides in financial inclusion.

Kenya’s financial inclusion journey would not have been possible without mobile money. Kenya is the pioneer of mobile banking globally following the invention of MPESA by Safaricom.

Kenyans are increasingly abandoning the use of cash and adopting mobile money services to pay for goods and services.

All financial institutions in Kenya, having realized the power of mobile money, have scaled down on their workforce and concentrated most of their banking services on mobile.

People no longer need to walk to the banking halls to deposit or withdraw cash. They can do everything with the click of the button on their mobile phones.

The invention of PayBill numbers has made mobile banking and transaction more fun and interesting. PayBill numbers are used by businesses and individuals to receive payments from clients or customers who purchase goods and services from them.

According to an expert from Kibo Capital Group, over the past decade, a lot of development has been seen in as far as moving of payments towards the mobile money space is concerned. As a result, virtually anything can be done from the comfort of people’s phones.

With the noted developments, there is, however, been an increasing challenge where months or years down the line, one needs to produce records of specific transactions either for accounting purposes, tax purposes or even where proof of payment is needed for redemption of items paid for, re-connection of utility services like Kenya Power, water or instances where specific transactions are missing in case of an insurance, or a Sacco loan repayment.

These cases are as diverse as the application of payments via MPESA, Airtel Money, T-Kash or Equitel. Kenyans are yet to fully embrace the use of mobile money receipts. This may be because the concept is still new or lack of innovation in the past. Innovators from Kibo have come up with a solution that is set to revolutionize the mobile money space in the country. They have come up with a solution that offers instantly customized and company-specific branded receipting services for all mobile payments transactions in a tamper-proof format.

What is your take on the use of mobile money receipts?

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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