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Safaricom hits banks with new M-Pesa transfer fees
Rank: Member Joined: 7/17/2014 Posts: 132 Location: Wherethewindblows
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Mike Will wrote:doubletap wrote:Think it would be much easier if the banks made an app that is linked to your phone no for individuals and a registered no for companies which is then connected to your bank account just like your ATM card. Then every transaction is from your account and payment is directly to your account. Using a security app every transaction is verified. If the app is then owned by all the banks and institutions that require financial services and run as a private entity. A service provider. If you need physical cash there are ATM's or bank agents kila mahali. What exactly does your solution propose to solve? And why would it succeed where credit cards have failed?  Can't you see what the solution is? Ok very simply the banks own there own service, one making it cheaper for you and me to transact, heck maybe they could just make it free and charge corporates, another benefit is that your money is in your b/Ac the exact same way your ATM card is linked so why do you need it in your phone? And you can pay/send someone directly from your ac no need to topup mpesa. The system is not competing with cards [at the moment], its dealing with mpesa, give the same service but linked to you bank account going through the bank system. Think about it mpesa is linked to your phone no, the bank system will also use your phone no difference is where the money ends up in your mpesa account or your bank account and with the use of smart phones becoming more common the app with adequate security measures could just work perfectly. Look at the issue at hand safaricom is charging banks more for bank to mpesa transactions and the other way round. Solution do away with Mpesa or give us the option to choose You have to learn the rules of the game. And then you have to play better than anyone else - Albert Einstein
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Rank: Member Joined: 7/17/2014 Posts: 132 Location: Wherethewindblows
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vickip wrote:i think its is very risky especially for those investors who are very establish because then they have to worry on how secure their money is since the risk of hackers using phone numbers to get your money increases Very valid fears and with any system the human element is the weakest measures can be taken eg, maximum daily withdrawals, using third party security apps that generate unique codes for every login etc. You have to learn the rules of the game. And then you have to play better than anyone else - Albert Einstein
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Rank: New-farer Joined: 8/27/2015 Posts: 15 Location: Nairobi
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doubletap wrote:
Can't you see what the solution is? Ok very simply the banks own there own service, one making it cheaper for you and me to transact, heck maybe they could just make it free and charge corporates, another benefit is that your money is in your b/Ac the exact same way your ATM card is linked so why do you need it in your phone? And you can pay/send someone directly from your ac no need to topup mpesa. The system is not competing with cards [at the moment], its dealing with mpesa, give the same service but linked to you bank account going through the bank system.
Think about it mpesa is linked to your phone no, the bank system will also use your phone no difference is where the money ends up in your mpesa account or your bank account and with the use of smart phones becoming more common the app with adequate security measures could just work perfectly.
Look at the issue at hand safaricom is charging banks more for bank to mpesa transactions and the other way round. Solution do away with Mpesa or give us the option to choose
In not so many words you have described Equitel. Correct?
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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doubletap wrote:Mike Will wrote:doubletap wrote:Think it would be much easier if the banks made an app that is linked to your phone no for individuals and a registered no for companies which is then connected to your bank account just like your ATM card. Then every transaction is from your account and payment is directly to your account. Using a security app every transaction is verified. If the app is then owned by all the banks and institutions that require financial services and run as a private entity. A service provider. If you need physical cash there are ATM's or bank agents kila mahali. What exactly does your solution propose to solve? And why would it succeed where credit cards have failed? Can't you see what the solution is? Ok very simply the banks own there own service, one making it cheaper for you and me to transact, heck maybe they could just make it free and charge corporates, another benefit is that your money is in your b/Ac the exact same way your ATM card is linked so why do you need it in your phone? And you can pay/send someone directly from your ac no need to topup mpesa. The system is not competing with cards [at the moment], its dealing with mpesa, give the same service but linked to you bank account going through the bank system. Think about it mpesa is linked to your phone no, the bank system will also use your phone no difference is where the money ends up in your mpesa account or your bank account and with the use of smart phones becoming more common the app with adequate security measures could just work perfectly. Look at the issue at hand safaricom is charging banks more for bank to mpesa transactions and the other way round. Solution do away with Mpesa or give us the option to choose @My grandfather is owns a mobile phone but doesn't have a bank account. Same to my grandmother and very many other people in this country. There are 20m mobile subscribers and maybe 3m people who have bank accounts. Life is short. Live passionately.
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Rank: Member Joined: 1/31/2007 Posts: 303
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sparkly wrote:doubletap wrote:Mike Will wrote:doubletap wrote:Think it would be much easier if the banks made an app that is linked to your phone no for individuals and a registered no for companies which is then connected to your bank account just like your ATM card. Then every transaction is from your account and payment is directly to your account. Using a security app every transaction is verified. If the app is then owned by all the banks and institutions that require financial services and run as a private entity. A service provider. If you need physical cash there are ATM's or bank agents kila mahali. What exactly does your solution propose to solve? And why would it succeed where credit cards have failed? Can't you see what the solution is? Ok very simply the banks own there own service, one making it cheaper for you and me to transact, heck maybe they could just make it free and charge corporates, another benefit is that your money is in your b/Ac the exact same way your ATM card is linked so why do you need it in your phone? And you can pay/send someone directly from your ac no need to topup mpesa. The system is not competing with cards [at the moment], its dealing with mpesa, give the same service but linked to you bank account going through the bank system. Think about it mpesa is linked to your phone no, the bank system will also use your phone no difference is where the money ends up in your mpesa account or your bank account and with the use of smart phones becoming more common the app with adequate security measures could just work perfectly. Look at the issue at hand safaricom is charging banks more for bank to mpesa transactions and the other way round. Solution do away with Mpesa or give us the option to choose @My grandfather is owns a mobile phone but doesn't have a bank account. Same to my grandmother and very many other people in this country. There are 20m mobile subscribers and maybe 3m people who have bank accounts. If the banks get a MVNO license they can give the customer the option of sending money to a bank account or a mobile phone number..just like Equitel. If I were Safaricom I would be very worried about giving banks the motivation to come up with an alternative system.These high charges that its levying are doing just that.
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Rank: Member Joined: 12/11/2006 Posts: 884
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watesh wrote:murchr wrote:ngapat wrote:The banks should start by cancelling the linking of bank accounts to mpesa.
Then they can combine together and start their own network or mvno since people want money on their mobiles Good luck with that Hahaha banks need mpesa more than mpesa needs them. Remember mpesa started and grew without any help from a bank. One strategy they can employ is bill payments from your mobile or online. A number of people get salaries into their bank accounts, bypass safaricom and get a payment platform that is efficient and easy to use. Am waiting for Equitel to introduce DSTV, KPLC prepayments and others and my mpesa usage will drop by 80% This is the status quo that needs to be challenged.The believe banks needs Mpesa more than mpesa needs banks is what makes them bow to whatever torture they get from mpesa. Equity realized this and is trying to find an alternative to Mpesa and i believe its just a matter of time before Safaricom feels its impact. “Invest in yourself. Your career is the engine of your wealth.”
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Rank: New-farer Joined: 8/27/2015 Posts: 15 Location: Nairobi
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ngapat wrote:
This is the status quo that needs to be challenged.The believe banks needs Mpesa more than mpesa needs banks is what makes them bow to whatever torture they get from mpesa.
Equity realized this and is trying to find an alternative to Mpesa and i believe its just a matter of time before Safaricom feels its impact.
Mpesa works simply because you don't need a bank account to conduct your business. If the banks have a better system then for sure the customers will come.
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Rank: Member Joined: 7/17/2014 Posts: 132 Location: Wherethewindblows
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sparkly wrote:
@My grandfather is owns a mobile phone but doesn't have a bank account. Same to my grandmother and very many other people in this country.
There are 20m mobile subscribers and maybe 3m people who have bank accounts.
True and that is where smart phones come in with an app on there phones and banks like Equity why would you need mpesa. Granted Mpesa has opened up the market and made it easier to pay and get paid the banks can and should set up this system. If you think about it they don't even need a mobile operator licence, they need to form a company that only works on the app and the service, how the customer connects is the customers preference, safaricom, equitel, orange or zuku as long as the app works you can transact. It is still early days but the writting is on the wall mpesa will not survive for long as a monopoly. You have to learn the rules of the game. And then you have to play better than anyone else - Albert Einstein
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Rank: New-farer Joined: 8/27/2015 Posts: 15 Location: Nairobi
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doubletap wrote:
True and that is where smart phones come in with an app on there phones and banks like Equity why would you need mpesa. Granted Mpesa has opened up the market and made it easier to pay and get paid the banks can and should set up this system. If you think about it they don't even need a mobile operator licence, they need to form a company that only works on the app and the service, how the customer connects is the customers preference, safaricom, equitel, orange or zuku as long as the app works you can transact.
It is still early days but the writting is on the wall mpesa will not survive for long as a monopoly.
And how would you sell this to mpesa customers?
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Mike Will wrote:doubletap wrote:
True and that is where smart phones come in with an app on there phones and banks like Equity why would you need mpesa. Granted Mpesa has opened up the market and made it easier to pay and get paid the banks can and should set up this system. If you think about it they don't even need a mobile operator licence, they need to form a company that only works on the app and the service, how the customer connects is the customers preference, safaricom, equitel, orange or zuku as long as the app works you can transact.
It is still early days but the writting is on the wall mpesa will not survive for long as a monopoly.
And how would you sell this to mpesa customers? What wins for Mpesa is the simplicity in substituting cash transactions. It is a simple USSD (SMS) based system and a good substitute for cash. Plans to upgrade it to more complex systems like the linking with bank accounts, debit cards and mobile apps have failed. @doubletap is missing it. Life is short. Live passionately.
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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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ngapat wrote:watesh wrote:murchr wrote:ngapat wrote:The banks should start by cancelling the linking of bank accounts to mpesa.
Then they can combine together and start their own network or mvno since people want money on their mobiles Good luck with that Hahaha banks need mpesa more than mpesa needs them. Remember mpesa started and grew without any help from a bank. One strategy they can employ is bill payments from your mobile or online. A number of people get salaries into their bank accounts, bypass safaricom and get a payment platform that is efficient and easy to use. Am waiting for Equitel to introduce DSTV, KPLC prepayments and others and my mpesa usage will drop by 80% This is the status quo that needs to be challenged.The believe banks needs Mpesa more than mpesa needs banks is what makes them bow to whatever torture they get from mpesa. Equity realized this and is trying to find an alternative to Mpesa and i believe its just a matter of time before Safaricom feels its impact. All the organs of the body were having a meeting, trying to decide who was the one in charge... "I should be in charge," said the brain , "Because I run all the body's systems, so without me nothing would happen." "I should be in charge," said the blood , "Because I circulate oxygen all over so without me you'd waste away." "I should be in charge," said the stomach," Because I process food and give all of you energy." "I should be in charge," said the legs, "because I carry the body wherever it needs to go." "I should be in charge," said the eyes, "Because I allow the body to see where it goes." "I should be in charge," said the rectum, "Because Im responsible for waste removal." All the other body parts laughed at the rectum And insulted him, so in a huff, he shut down tight. Within a few days, the brain had a terrible headache, the stomach was bloated, the legs got wobbly, the eyes got watery, and the blood Was toxic. They all decided that the rectum should be the boss The Moral of the story? Even though the banks get all the credit .... safaricom is usually in charge
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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moneydust wrote:sparkly wrote:doubletap wrote:Mike Will wrote:doubletap wrote:Think it would be much easier if the banks made an app that is linked to your phone no for individuals and a registered no for companies which is then connected to your bank account just like your ATM card. Then every transaction is from your account and payment is directly to your account. Using a security app every transaction is verified. If the app is then owned by all the banks and institutions that require financial services and run as a private entity. A service provider. If you need physical cash there are ATM's or bank agents kila mahali. What exactly does your solution propose to solve? And why would it succeed where credit cards have failed? Can't you see what the solution is? Ok very simply the banks own there own service, one making it cheaper for you and me to transact, heck maybe they could just make it free and charge corporates, another benefit is that your money is in your b/Ac the exact same way your ATM card is linked so why do you need it in your phone? And you can pay/send someone directly from your ac no need to topup mpesa. The system is not competing with cards [at the moment], its dealing with mpesa, give the same service but linked to you bank account going through the bank system. Think about it mpesa is linked to your phone no, the bank system will also use your phone no difference is where the money ends up in your mpesa account or your bank account and with the use of smart phones becoming more common the app with adequate security measures could just work perfectly. Look at the issue at hand safaricom is charging banks more for bank to mpesa transactions and the other way round. Solution do away with Mpesa or give us the option to choose @My grandfather is owns a mobile phone but doesn't have a bank account. Same to my grandmother and very many other people in this country. There are 20m mobile subscribers and maybe 3m people who have bank accounts. If the banks get a MVNO license they can give the customer the option of sending money to a bank account or a mobile phone number..just like Equitel. If I were Safaricom I would be very worried about giving banks the motivation to come up with an alternative system.These high charges that its levying are doing just that. The MVNO will still run using some telco's infrastructure eg Equitel and Airtel. How much is Equity paying Airtel? "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Veteran Joined: 8/10/2014 Posts: 969 Location: Kenya
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murchr wrote:moneydust wrote:sparkly wrote:doubletap wrote:Mike Will wrote:doubletap wrote:Think it would be much easier if the banks made an app that is linked to your phone no for individuals and a registered no for companies which is then connected to your bank account just like your ATM card. Then every transaction is from your account and payment is directly to your account. Using a security app every transaction is verified. If the app is then owned by all the banks and institutions that require financial services and run as a private entity. A service provider. If you need physical cash there are ATM's or bank agents kila mahali. What exactly does your solution propose to solve? And why would it succeed where credit cards have failed? Can't you see what the solution is? Ok very simply the banks own there own service, one making it cheaper for you and me to transact, heck maybe they could just make it free and charge corporates, another benefit is that your money is in your b/Ac the exact same way your ATM card is linked so why do you need it in your phone? And you can pay/send someone directly from your ac no need to topup mpesa. The system is not competing with cards [at the moment], its dealing with mpesa, give the same service but linked to you bank account going through the bank system. Think about it mpesa is linked to your phone no, the bank system will also use your phone no difference is where the money ends up in your mpesa account or your bank account and with the use of smart phones becoming more common the app with adequate security measures could just work perfectly. Look at the issue at hand safaricom is charging banks more for bank to mpesa transactions and the other way round. Solution do away with Mpesa or give us the option to choose @My grandfather is owns a mobile phone but doesn't have a bank account. Same to my grandmother and very many other people in this country. There are 20m mobile subscribers and maybe 3m people who have bank accounts. If the banks get a MVNO license they can give the customer the option of sending money to a bank account or a mobile phone number..just like Equitel. If I were Safaricom I would be very worried about giving banks the motivation to come up with an alternative system.These high charges that its levying are doing just that. The MVNO will still run using some telco's infrastructure eg Equitel and Airtel. How much is Equity paying Airtel? I think the MVNO approach is only good if you have a high number of customers
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Rank: Member Joined: 2/9/2012 Posts: 576
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Chase bank are also toying with the idea of an MVNO but I would suggest to banks to apply for an MVNO through the KBA and then share the resources. But knowing banks this is far fetched Africa belongs to Africans.
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Rank: Member Joined: 3/15/2009 Posts: 359
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wazuaguest wrote:Chase bank are also toying with the idea of an MVNO but I would suggest to banks to apply for an MVNO through the KBA and then share the resources. But knowing banks this is far fetched When small banks couldn't roll out atms on their own, they had to work together under kenswitch to fend off competition from the big guys. We might see another cooperation here. Banks can actually hack this, make payment of bills possible and use their atm network.
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Rank: Elder Joined: 3/29/2011 Posts: 2,242
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The M-Pesa simplicity is amazing- ID and PIN# only and you are done. Various bank's iterations make it complex and a lot of people get lost in between. Eg when i want to transfer cash online from my bank account to my Mpesa, i need internet connection, a bank generated password etc which is just cumbersome and not worth it. "Things that matter most must never be at the mercy of things that matter least." Goethe
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Rank: Elder Joined: 11/7/2007 Posts: 2,182
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it is simple because there is no better alternative, before cars, horses were the best modes of transport LOVE WHAT YOU DO, DO WHAT YOU LOVE.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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kyt wrote:it is simple because there is no better alternative, before cars, horses were the best modes of transport I dont think this is a car/horse kind of thing. There are alternatives just that no other does it like Safaricom. There's Airtel money, equitel, orange money, mobikash, etc Some of these banks are thriving because of integrating their systems with the MPESA platform. Eg CBA which now has 10M+ customers just because of Mshwari. MPESA has close to 19M+ users. There are so many alternative out there for those who are not happy with Safcom to use "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Member Joined: 7/17/2014 Posts: 132 Location: Wherethewindblows
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kyt wrote:it is simple because there is no better alternative, before cars, horses were the best modes of transport True, the process is pain free so to speak and the same could be done with an app. Log in and your good to go hide all the complexity from the user. With the app on your phone you just need the other persons no and amount which bank or network then does not matter. Then you could get a SMS confirmation You have to learn the rules of the game. And then you have to play better than anyone else - Albert Einstein
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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doubletap wrote:kyt wrote:it is simple because there is no better alternative, before cars, horses were the best modes of transport True, the process is pain free so to speak and the same could be done with an app. Log in and your good to go hide all the complexity from the user. With the app on your phone you just need the other persons no and amount which bank or network then does not matter. Then you could get a SMS confirmation You are very naive. How many ppl in kenya have smart phones?  "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Safaricom hits banks with new M-Pesa transfer fees
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