Safaricom adds new feature to M-Pesa service to benefit SMEs

M-Pesa, first African FinTech to join United for Wildlife Financial Taskforce

Kenya’s mobile operator Safaricom has added a new feature on its M-Pesa money transfer service, specifically for small to medium enterprises (SMEs), that would allow them to be able to separate business and personal funds, reports Business Daily.

The feature, dubbed Pochi la Biashara, allows the business owners who do not have a Lipa na M-Pesa (Pay with M-Pesa) line to receive money from customers into a separate wallet.

A statement from the company said, “Business owners will be able to separate their business funds and personal funds allowing them to use business transactions to make better business decisions.”

The feature allows customers to make payments directly to the business owner’s Pochi la Biashara by dialling *334# from their M-Pesa line, Select Lipa na M-Pesa then Select Pochi la Biashara, and complete the transaction.

Small business owners will now be able to access statements for the account and can opt in or out of the service at will.

As more people shift to cashless payments to curb the spread of Covid-19, Safaricom is tapping into the growing demand and use of mobile money services across the country.

Latest data from the Communications Authority of Kenya shows that as of June 30, 2020, active mobile money subscriptions stood at 30.5 million, whereas active mobile money agents stood at 223,184.