M-pesa Bulk Mobile Money Transfer
M-pesa bulk mobile money transfer has won accolades the world over and is to be replicated in several African countries. The race to be the best innovator in Kenya continues as the banking industry in kenya target mobile money solutions for their customers.
M-pesa bulk mobile money transfer works by listing the phone numbers and amounts of the beneficiaries in one SMS and sending the message to the listed recipients at the same time. The application to perform this task is given to the sender by the bank or financial institution.
the Advantages of M-pesa bulk money transfer as listed below are not exhaustive.
Salary payments through M-pesa bulk mobile money transfer
M-pesa bulk mobile money transfer is designed mainly for corporate entities. The money transfer may be used to pay salaries to employees who do not even have bank accounts. This makes this banking channel very convenient both for the corporate and the employee. The mode of transfer is simple and fast.
Financial inclusion using M-pesa bulk mobile money transfer
Reaching the unbanked was a target for money transfer services and M-pesa bulk mobile mobile transfer or payment service is achieving this. M-pesa has a very wide reach in the Kenya and neighbouring countries. In Kenya, M-pesa agents are found in all parts of the country. The money is transferred to a cell phone and not an account and there are more people with mobile phones compared to those with bank accounts. The money may remain in the M-pesa account for use when it is required or it may be cashed when cash is required.
Convenience and costs of M-pesa bulk mobile money transfer
Since the funds are sent to the M-pesa bulk mobile transfer or payment service by the click of a button, the speed of transfer is very fast. When the networks are down, the transfer may take a while to reach the recipients.
Unlike banks that close their doors at some timeat the end of the day, M-pesa bulk mobile transfer service is available to the users twenty four hours a day, every day. The recipient can look for an all night M-pesa agent or an ATM that accepts M-pesa transactions, to cash the funds if need be.
Since cash is sent to bulk recipients, the audit of the funds sent becomes easier and the recipients do not have to carry cash in their pockets but can use M-pesa as an account and save their monies. When a cell phone is stolen, funds do not get stolen since the actual cash is not on the phone and a PIN is required to transfer funds. This makes this solution safer than cash payments.
Operating costs for M-pesa bulk mobile money transfer services are competitive. Banks charge less for M-pesa bulk mobile transfers compared to the costs of cheques and cash transfers.
CFC Stanbic bank is the a bank that has this M-pesa bulk mobile money transfer.