Safaricom (NSE: SCOM) updated its mobile money transfer service M-PESA to enable customers to automatically receive information on the cost of each transaction.
As part of its drive to enhance pricing transparency on the payment platform, the updates will be made available to all 24 million M-PESA customers in three phases, with the first phase starting this week.
“As we align with recommendations made by the Competition Authority of Kenya (CAK), we hope that this latest innovation will enhance the customer experience on the M-PESA platform. This follows a number of proactive enhancements we have delivered on M-PESA such as Hakikisha which have reduced the number of erroneous transactions,” said Stephen Chege, Director – Corporate Affairs, Safaricom.
Set to be rolled out in three phases, customers will first receive notifications on charges paid for a transaction as part of the M-PESA confirmation message.
In the second phase, customers will receive a pop up message informing them of any charges prior to the transactions, while the third phase will see the service being made available to value-added M-PESA financial products including M-Shwari, KCB M-PESA, Okoa Stima and M-Tiba. The second and third phases of the update will be rolled out in coming months.
Safaricom has in the last six months implemented a range of technical upgrades and tests in readiness for the customer-friendly developments that alert them as to how much they are spending per transaction, with no downtime to customers.
The changes are part of the enriched second generation M-PESA system which was implemented in April 2015. In addition to increasing M-PESA’s transactions capacity, the new system has improved system stability, enabled the support of more features and the rollout of new features on the system.
Most recently, Safaricom announced that it would be removing all transactions costs for amounts under Sh100 under the M-PESA Kadogo proposition launched in November 2016.
Safaricom transforms lives.
We provide voice, data, financial services and enterprise solutions for a range of subscribers, small businesses and government, using a variety of platforms.
As the biggest communication company in East and Central Africa, Safaricom delights over 26.6 million subscribers, providing over 200,000 touch points for its customers and offering over 100 different products under its portfolio.
Listed on the Nairobi Securities Exchange and with annual revenues in excess of Kshs 150 Billion, Safaricom invested Kshs 32.13 billion in infrastructure this year, providing over 80% of Kenya’s population with 3G coverage and providing 2G coverage to 95% of Kenyans. Safaricom has harnessed its proprietary fibre infrastructure to build a dedicated enterprise business, which provides managed IT services to clients in the East African region.
Safaricom pioneered commercial mobile money transfer globally through M-PESA, the most successful service of its kind anywhere in the world. Launched in March 2007, M-PESA now has over 24 million customers and over 114,000 M-PESA Agent outlets countrywide.