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M-PESA to introduce standing orders as Safaricom strengthens its mobile money product

M-PESA to introduce standing orders as Safaricom strengthens its mobile money product

#telecom
#fintech
#payments
#mobile money
Standing orders are common in banking services but are very rare in mobile money products such as M-PESA. Safaricom’s M-PESA is set to introduce standing orders in an announcement revealed by the telco’s CIO George Njuguna.

Safaricom's M-PESA, a mobile money platform in Kenya, is planning to introduce standing orders, becoming the first mobile money service globally to offer this feature. Standing orders allow users to automate recurring payments or transfers from their mobile money accounts to others. This feature can be used for paying bills, rent, loan repayments, savings, and investments. Safaricom aims to enhance accessibility and affordability of various services using this innovative feature. While specific implementation details and launch dates haven't been disclosed, this move is expected to add convenience to M-PESA users and expand its range of services.


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