(Last Updated On: May 7, 2014)
M-Pesa transactions and mobile banking will now be faster after Safaricom did an upgrade on their Application Programmable Interface (API). This will reduce the turnaround time to less than 30 seconds from the average of two hours it used to take.
Already 12 major banks and 36 saccos have already moved to the new system. The other 30 institutions are still in the process of migrating.
At the end of 2013, Safaricom’s mobile banking were around 8.8 million and the company anticipates this number to grow to around 13 million by the end of 2014. Mobile money had been most successful in Kenya as compared to the rest of the world.