Question: How Does Mpesa Make Money?

Who invented mpesa technology?

Julius WababuJulius Wababu could still be in classroom teaching.

But he accidentally discovered a business that has reshaped his life.

A 1987 Bachelor of Education graduate from Kenyatta University, Mr Wababu went straight into teaching for about 10 years but his entrepreneurial mind led him into business..

How do I become a mpesa super agent?

To operate an M-Pesa shop as an agent, one is required to have a registered limited company in business for at least 6 months and have at least 3 outlets ready to offer MPESA services. Minimum investment for an MPESA outlet is 100,000 shillings float.

How much is mpesa worth?

In 2016 M-Pesa moved 15 billion KShs (152783013.91 USD) per day equivalent to 52 billion CHF in Kenya, with a revenue of 41 billion KShs. In 2017 6,869 billion KShs were moved according to a figure in Safaricoms own annual report, with a revenue of 55 billion KShs.

How do I receive money from mpesa abroad?

How can one access this service?By dialling *840# >Accept terms and conditions to Opt in > Select send money abroad.MySafaricom App > Select M-PESA> Select M-PESA Global>Accept terms and conditions to Opt in > Select Send.

How can I start an mpesa business?

For one to start an Mpesa business in Kenya, one should have a Minimum M‐pesa cash investment of Ksh 100,000, and once the application to be an Mpesa Agent in Kenya is approved, one should be ready to provide the List of Mpesa Outlets and show the Business permits for each of the Mpesa outlets in Kenya.

What is the best business for beginners?

Top 20 Business Ideas for BeginnersHome Cleaning. Home cleaning is considered as one of the easy business ideas for the beginner. … Blogging. Blogging is part time easy to implement low investment business idea for the beginner. … Photography. … Tuition Class. … Freelancer. … Child Care services. … Errand Services. … Hobby Class.More items…•

How does CBA loop work?

With Loop, customers can make payments to mobile money or to a bank. One can also pay bills or pay merchants through Pay Bill, Till or with the Loop card. All this as you track and analyze your spending patterns so you can make better financial decisions.

How can I talk to a Safaricom agent?

Talk To UsCustomer Support Team. PrePay: Call 100 (Free) Or +254 722 002100 (chargeable) … Online Support Team. Twitter – @Safaricom_Care and @SafaricomPLC. … Careers and HR. Jobs and Internships – Log on to Career Portal and upload your CV and apply. … Communications and PR Team. … CEO’s Office.

How do I start a business?

Conduct market research. Market research will tell you if there’s an opportunity to turn your idea into a successful business. … Write your business plan. … Fund your business. … Pick your business location. … Choose a business structure. … Choose your business name. … Register your business. … Get federal and state tax IDs.More items…

How does mpesa earn profit?

The profit made by the Mpesa agent is termed as commission. The two central transactions which determine the amount of profit is the deposits and withdrawals. Even though there are no charges when Mpesa user makes deposits, Safaricom will pay commission for performing that service.

What can I start with 50k?

20 Businesses You Can Start With 50,000 Naira in NigeriaBaking Business. Baking is a thriving business in Nigeria. … Fast food Business. The importance of food can never be overemphasized. … Plantain Chips Business. This is also a very lucrative business. … Selling Drinks and Water. … Small Scale Farming. … Smoked Fish Business. … Soap Production. … Home and Beauty Products.More items…•

How can I become a Safaricom dealer?

The following are the requirements for appointment as an authorized M‐PESA agent. Prospective agent must be registered as a LIMITED company or equivalent with at least 3 outlets ready to offer M‐PESA under the company names. The company MUST have traded for a minimum period of 6 months.

How much money do I need to start an mpesa?

A minimum investment for an MPESA outlet is Ksh. 100,000 float. You’ll need to provide Safaricom with business permits for each of the MPESA outlets, VAT & tax certificates, ID’s, banking license from a reputable financial institution and police clearance certificates.

What business can I start with 5000 Kenyans?

10 businesses You Can Start With Less Than Ksh 5,000Making Homemade Strawberry Jam You will require some strawberries, sugar, and lemons. You will also need a sufuria (pot), mwiko (wooden stick) and some plastic containers for packaging. … Door Mats. … Delivering Groceries. … Selling wallpapers. … Perfume. … Daycare. … Making beads. … Selling coffee.More items…•

What are the most successful small businesses?

35 Of the Most Successful Small BusinessesFood Trucks.Health Food Kitchen & Delivery.Auto Repair and Auto Leasing.Marketing & PR Services.Freelancing.Warehouse and Storage.Courier Services.Vacation Rentals.More items…•

What is the maximum mpesa balance?

Maximum Account Balance is KSHs. 300,000. Maximum Daily Transaction Value is KSHs. 300,000.

How do I buy mpesa float?

To purchase float, an M-Pesa agent will need to key in the account number, their mobile phone number and agent number as the deposit reference. The next step on the Safaricom Float Purchase is for the depositor to enter name and confirm details before placing the cash to the machine and pressing the count button.

Is mpesa business profitable?

Operating an M-Pesa shop is one of the most profitable businesses in Kenya today. … According to the Communication Authority’s quarter one report, 22.7 million out of the 28 million mobile money subscribers are M-Pesa customers.

How much does an mpesa agent earn per transaction?

According to Safaricom the lowest commission an agent earns is Ksh 4 when Ksh50-Ksh100 is transacted. If a customer transacts Ksh 101-Ksh510 the commission is Ksh8. The commission increases with the increase in transacted amount. The highest amount of money an agent earns from a single transaction is Ksh190.

How does an mpesa work?

M-Pesa is a virtual banking system that provides transaction services through a SIM card. Once the SIM has been inserted into the card slot of the mobile device, users can make payments and transfer money to vendors and family members with SMS messages.