Safaricom upgrades system to fast-track M-Pesa transactions

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.

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 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.

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Safaricom M-Pesa Application Programmable Interface