M-Pesa is extending its reach into the banking market after
teaming up with Kenya’s Equity Bank to allow customers to transfer
money to and from their account via their mobile phone.
The new account, called M-Kesho, has been hailed as the
“ultimate bank account” by the bank and offers the country’s 9.5
million M-Pesa users access to mobile microsavings, loans,
insurance and recent transaction activity.
“If you look at other solutions in the market, nobody has put
together all these services to provide this kind of convenience to
the customer,” said James Mwangi, Equity Bank chief executive in a
“We want to ensure that no Kenyan is locked out of accessing
basic banking services.”
The two firms have previously offered M-Pesa customers the
ability to withdraw cash from around 550 Equity Bank ATMs.
The mobile money transfer company struck a deal earlier this
year with Family Bank expanding M-Pesa’s distribution network
across Kenya (see RBI