Mobile phone service provider Safaricom has signed an agreement with Postbank to allow
customers to access M-PESA services at all Postbank branches. Under the agreement, Postbank
outlets will be Agents for cash in / cash out & customer registrations for the increasingly popular M-
PESA money transfer service.
Speaking during the signing of the partnership agreement, Safaricom Chief Executive Officer
Michael Joseph said the new arrangement will maximize coverage of cash availability for the
service. “This partnership will deliver improved customer convenience and coverage for M-PESA
users. As a bank, Postbank is well suited to serve larger value M-PESA transactions,” said Joseph.
He expressed optimism that more users will sign up for the money transfer service, due to
Postbank’s wide reach and availability. “By signing this agreement today we look forward to
increasing the distribution points of M-PESA and taking advantage of Postbank’s expertise to
deliver an enhanced and added value service to users,” he added.
Postbank Managing Director, Mrs. Nyambura Koigi, expressed that “Postbank’s value proposition
is commitment to quality Customer Service and offering market led products. Postbank is happy to
add M-Pesa services to its current product offering”.
The Managing Director/Postbank said that Postbank is continually improving its services delivery
systems and these improvements have enabled the bank attract more customers and forge
business alliances with many corporate bodies one of which we are witnessing today. “We strongly
value the partnership between Postbank and Safaricom and we look forward to this relationship
growing from strength to strength to cover other products and services,” concluded Nyambura.
Postbank’s 80 branches have expanded the M-PESA network to over 615 Agents. M-PESA Agents
include Safaricom airtime dealers, a courier company, petrol stations chains, supermarkets,
cybercafés, and other retailers; Postbank is the first bank to offer M-PESA services.
Launched in March this year, M-PESA is providing access to financial services to the un-banked
population, luring new users through decreased risk, affordability and convenience of the transfer
service. “In 4 months we have registered over 200,000 customers and another 150,000
unregistered customers have received money through M-PESA. While it is too early to comment on
the profitability of the service we can confirm that we have moved in excess of 850 million KShs
through the system.” said Joseph.