Jun 19, 2011

Safaricom, Housing Finance sign M-PESA service deal

Nairobi, 18th March 2008....Kenya's leading mobile telephone service provider, Safaricom today partnered with premier mortgage financier, Housing Finance, to offer M-PESA service from its outlets countrywide.


The M-PESA service allows customers to deposit, send and withdraw amounts of between Kshs 100 and Kshs 35,000 per transaction from their M-PESA account. The partnership will enable customers transact larger amounts of money within this range, at more outlets.

Safaricom Chief Executive Officer, Michael Joseph, said the partnership will increase the number of M- PESA outlets countrywide to over 1,850 to cater for M-PESA’s fast growing customer base. M-PESA subscribers have increased to over 1.6 million since the service was introduced in March 2007.

 “Since the launch of the M-PESA service 11 months ago, the service has recorded cumulative person-to- person transfers of over KShs 9.3 billion which has made it necessary for Safaricom to broaden its M-PESA distribution network,” Joseph said.

Housing Finance Managing Director, Frank Ireri, said the partnership is part of Housing Finance’s strategic plan of integrating financial services under one roof.

“The new offering gives Kenyans one more reason to stay with us as they will be able to carry out most of their financial transactions with greater cost and time efficiency under one roof. It is an important value addition to our customers,” said Ireri.

Housing Finance began offering the new service last month and has already registered impressive figures for customer deposits and withdrawals, with most transactions being seen in Kisumu and Nyeri.

Transactions at Housing Finance outlets are expected to increase over the coming months with the growing public awareness.

The partnership comes just one month after the Mortgage Financier entered into an agency agreement with Faida Investment Bank in the purchase and sale of securities at the Nairobi Stock Exchange. Under the agreement, Housing Finance was to act as an agent for Faida Investment Bank on behalf of investors countrywide.

Housing Finance currently has 10 branches, four of which are in Nairobi and six in Mombasa, Thika, Nakuru, Nyeri, Kisumu and Eldoret.

The M-PESA service provides a fast, safe and affordable way to transfer money using mobile phones. “We at Safaricom would like to assure our customers that we shall continue to grow the M-PESA network to cater for our customers needs.” Joseph said.

source: www. safaricom.co.ke