Safaricom, the largest telco and operator of M-PESA mobile money system, has launched the ‘M-PESA For Business app’ and portal to enable businesses better manage and track payments to suppliers.
The new M-PESA For Business service enables business owners to collect payments on their TILL numbers and user the money collected to make other transactions directly from the Till number, conveniently, swiftly, anywhere, and anytime.
Speaking about the new evolution at Safaricom, Boniface Mungania, Head of M-PESA Product Management, Safaricom, said:
“M-PESA is changing and we have a big focus on small and medium-sized businesses, not just in electronic payment services, but we are building vital rails that will lead to SME empowerment.”
Users are able to access the service either by using an existing business Till number, applying for a ‘Buy Goods Till’ o ‘Short Term Paybill.’
The app includes the following features for businesses:
- Access real-time statements
- Track a store’s performance
- Withdraw cash from Till number to an M-PESA or bank account
Safaricom is currently promoting the service by showing 8 ways that ‘M-PESA For Business’ Till can empower businesses. These include:
- Deposit cash collected in Till – No time wasted at banks while offering quick turn-around
- Check Till account balance – Quickly check business progress
- Access financial assistance through M-PESA overdraft
- Pay off wages from business to personal – No unnecessary delays and efficient record keeping
- Handle overhead bills – Easily keep track of records in a convenient way
- Access reports and visibility of cash flows – Forecast business progress and accountability
- Pay for your supplies immediately they arrive – No need for delays and improves reliability
- Receive money on your Till from satisfied customers – No additional customer charges
Recently, BitcoinKE published a post which revealed a milestone in mobile payments in Kenya and showed that the value of B2B payments has surpassed P2P M-PESA transactions for the first time in Kenya.
In light with this, Safaricom has now revealed that it is now focusing and investing on empowering medium and small-sized businesses (SMEs) as they make up 70% of new opportunities with 40% of Kenyan GDP locked up in SMEs.
In just three months, the company has introduced 3 vital business tools for SMEs below:
- Biashara Till – This is the next evolution of Lipa Na M-PESA. Allows SMEs to collect and make payments outward
- Biashara app – This is a smart app for both Android and iOS layering of the Biashara Till to improve user experience
- Business wallet – This is used for business transactions separating business from personal records
The new ‘M-PESA For Business’ app and platform is no doubt going to accelerate this move towards more business-to-business payments, a natural transition of M-PESA and mobile money as we know it in Africa.
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