M-PESA Most Preferred Service by Kenyans in Diaspora

By Soko Directory Team / Published January 25, 2022 | 11:40 am

KEY POINTS

20 percent of Kenyans in other countries use M-Pesa while sending cash back home. 16 percent use banks while 14 percent use WorldRemit, 9 percent use Wave while those who use SendWave and Western Union respectively are at 8 percent.

KEY TAKEAWAYS

The reasons for Kenyans living in foreign countries to choose the M-Pesa service platform, is because they look for convenience, speedy service, and favorable transaction charges.

M-Pesa, the jumbo mobile money platform by Safaricom, is the most preferred service provider by Kenyans working in the diaspora for sending cash back home.

Reports from a survey by the Central Bank of Kenya (CBK) on Diaspora Remittances showed that the most preferred channels while sending cash back home are: M-Pesa, Banks, WorldRemit, Wave, and the Western Union.

A total of 20 percent of Kenyans in other countries use M-Pesa while sending cash back home. 16 percent use banks while 14 percent use WorldRemit, 9 percent use Wave while those who use SendWave and Western Union respectively are at 8 percent.

Diaspora

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According to the report from the CBK survey, the reasons for Kenyans living in foreign countries to choose the M-Pesa service platform is because they look for convenience, speedy service, and favorable transaction charges.

“Respondents cited convenience, prompt/efficient/ speedy service, ease of access, and favorable transaction charges as the main reasons for using these service providers,” CBK noted in the survey.

The respondents indicated that funds sent are received in real-time and were usually available on the same day to recipients, thus confirming the efficiency of this channel.

EDITOR’S NOTE: Article by Natasha

About Soko Directory Team

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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