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Safaricom upgrades system to fast-track M-Pesa transactions

By Standard Reporter | Published Thu, May 8th 2014 at 00:00, Updated May 8th 2014 at 11:19 GMT +3

By Standard Reporter

Kenya: M-Pesa customers will now be able to make mobile banking transactions instantly.

This follows a system upgrade to the Application Programmable Interface (API), which has resulted in a reduction of transaction time from an average of two hours to less than 30 seconds. This will in effect help entrench the move towards a cash-lite society through a more effective mobile-banking proposition.

“Innovation is a continuous process at Safaricom and that is why we have been seeking ways to deliver services to customers with speed and efficiency,” said Safaricom’s Chief Executive Officer Bob Collymore.

 He said 12 leading banks and 26 savings and credit cooperatives (Saccos) have already migrated to the new platform and migration is on-going for 30 other institutions.

The new platform will also help streamline operations for businesses that disburse staff salaries through M-Pesa, as well as for those businesses that receive payments through M-Pesa and require moving cash to their bank accounts on a regular basis.