Safaricom launches M-Pesa rent service

By Standard Reporter

KENYA: Integrated communications service provider Safaricom has introduced a new rent collection and payment service dubbed Lipa Kodi na M-Pesa.

Under the new scheme, customers will pay Sh6 for transactions of up to Sh5,000, in a graduated scheme that will see those paying rent of between Sh50,000 and Sh70,000 charged a transaction fee of Sh220.

Lipa Kodi (Swahili for pay your rent) is designed to offer convenience and cost efficiency to tenants, landlords and housing agents.

“Lipa Kodi is yet another solution from Safaricom that seeks to broaden the financial inclusion agenda through the use of the mobile phone.

“It is expected to redefine the payment ecosystem for Kenyans and how they meet their rental obligations,” said Betty Mwangi-Thuo, Safaricom’s general manager for financial services.

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Kenya’s rental market is valued at an estimated Sh17.2 billion, which is 21 per cent of the total value of the real estate market in Kenya.