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Why Mobile Banking Succeeds In Kenya

Kenya contributes greatly to Africa's Approximate $160 billion in Mobile Transactions per year.

Mobile banking has become the standard in Kenya and is one of the easiest ways to execute most common types of financial transactions. The introduction of Mpesa by Safaricom was a game changer. Mpesa, launched in March 2007, is a service that allows users to transfer money via mobile devices. The service has attracted over 17 million subscribers by December 2011 in Kenya alone.


Services Provided

Most banks in Kenya have adopted the services of Safaricom to ease congestion in their locations. The most common services provided via mobile banking are withdrawals, deposits, loan applications and repayment, account openings, etc.


How Mobile Banking Works

When one opens a bank account, you fill in all of your details including your mobile number and select mobile services required.


All the details are then linked to the mobile service provider, and you will just activate the money option recommended by one's bank on your handset.  


You will, at this point be able to execute a whole host of transactions from your mobile device. With most banking services, financial institutions allow the use of Mpesa to send and receive funds pretty easily.


The service carries minimal fees while providing enormous flexibility with regard to access to cash. Various loan products within the Mpesa system also allow you to access short-term loans and cash advances.


Advantages of Mobile Banking

1. It is real time.

2. It is convenient compared to the long lines found in banks. 

3. It is cost and time saving because you access your money with ease and the 24 hours service is excellent.


Disadvantages of Mobile Banking

1. The chance of sending money to wrong accounts is high since there is no teller to counter check.

2. It is expensive compared to ATM withdrawal charges.

3. When the service provider connectivity system fails, one cannot access the bank account or transact through the phone.



The banking system is expected to improve to a considerable economic growth due to its 24 hours operation. The tradition of waiting for banks to open and verify papers is now long past. The digital era has taken over and enabled everyone to work and transact at their comfort. This system is recommended for all persons willing to save time and money.

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