Safaricom rolls out standing order feature for M-Pesa users
By Maureen Kinyanjui |
The addition of M-Pesa Ratiba reaffirms Safaricom's commitment to its vision of transforming lives.
Safaricom's mobile money platform M-Pesa has introduced M-Pesa Ratiba, the first-of-its-kind mobile money feature that will allow users to set up standing orders directly from their M-Pesa wallets, enabling seamless and automatic payments of recurring transactions and bills.
The feature, according to a statement released on Monday, allows users to automatically transfer funds from their wallet on a daily, weekly, monthly, or yearly basis to another person, or to pay recurring bills or subscriptions.
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Other benefits as highlighted by Safaricom CEO Peter Ndegwa include a simple and seamless setup process, with no penalties incurred for cancelled or failed standing order transfers that may occur due to insufficient balance.
"Safaricom continues to transform lives through the delivery of differentiated and personalised digital financial services and experiences to our customers," Ndegwa said.
“M-Pesa Ratiba will allow customers worry-free digital payments of bills and transactions. We continue to innovate on the M-Pesa platform to give our customers more visibility, control and security around their financial wellness," he said.
This innovation plays a key role in enhancing financial inclusion among the underbanked population while advancing the country's progress towards a cashless economy.
M-Pesa Ratiba will also play a key role in driving subscription services, opening new possibilities in the media and entertainment, software and technology, health and wellness, education as well as the e-commerce industries while transforming customer experiences within the financial services ecosystem.
With M-Pesa Ratiba, one can set up a regular payment for rent, school fees, insurance, newspaper subscription, or other standard utility bills payment as well as upkeep for loved ones.
The service is now accessible on the M-Pesa app's financial services tab and on USSD through *334# option 9.
To get started, customers must review and accept the terms and conditions, and they can then opt in using their M-Pesa Pin.
They can then choose which standing orders to set up, whether for sending money to family and friends, paying regular bills, or purchasing goods and services.
Since its launch in 2020, the M-Pesa super app has grown to be a lifestyle app with over 80 mini-apps offering products and services in payments, savings and access to credit.
The addition of M-Pesa Ratiba reaffirms Safaricom's commitment to its vision of transforming lives.
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