When mobile money transfer started taking shape in the country, users did not visualize the revolution that would come with it terms of convenience, speed and ease of doing things. Apart from sending and receiving money, the mobile phone was put to use in accessing bank accounts, pay bills and later used conveniently deposit money into bank accounts.
Five years ago PesaPoint teamed up with Safaricom‘s M-PESA to enable M-Pesa account holders to withdraw cash from PesaPoint ATMs via a card-less transaction. The two have introduced a new service that will allow bank account holders who have M-Pesa accounts credit their mobile money accounts from their bank accounts via PesaPoint ATMs.
The two part transaction will first have the authorisation and debit from the customer’s bank account, a transaction which will be similar to an ordinary ATM withdrawal. This would then give a menu for loading the debited amount onto the phone account which is similar to what happens at M-Pesa agents. The first part attracts a standard ATM withdrawal charge while the phone account debiting is free of charge.
“This service will allow customers a wider and even more convenient opportunity to deposit money into their M-PESA account at PesaPoint ATMs that operate around the clock , meaning M-PESA customers can deposit funds into their M-PESA accounts whenever they want and are not restricted by agent opening hours.” Said a statement from PesaPoint.
The service is available for PesaPoint’s partner banks and financial institutions only.