Safaricom customers to earn 10 per cent interest from saving on M-Pesa

“The product is supposed to encourage savings where you can put in money and withdraw the next day, but you will have earned something on the money since interest is calculated per day,” a report in the Business Daily said. “At 10 percent, Safaricom will be offering nearly double the current interest that banks are paying on savings.”

M-Pesa has around 20 million active users in Kenya and it has become the principal driver of Safaricom’s profit growth, as revenue from traditional voice and text services has flattened off. Safaricom currently offers a savings product in partnership with NCBA through M-Shwari with those saving up to Sh. 20, 000 earning annual interest of three percent, four percent for Sh. 50, 000 and five percent above Sh. 50, 000. Saving on MPesa.