Kenya’s Safaricom Tests New Mobile Savings Service

Friday, December 6, 2019

Kenya’s leading telecoms operator Safaricom said on Thursday it was testing a new mobile savings service, seeking to broaden its successful M-Pesa mobile money platform.

Policymakers say the East African nation suffers from a low national savings rate and analysts said Safaricom could be looking to target that untapped market with the new product, dubbed “Mali” (Kiswahili for wealth).

Photo courtesy of Institute for Money, Technology and Financial Inclusion.

Source: Reuters (link opens in a new window)

digital finance, financial health, savings