Safaricom signs deal on M-Pesa with bank

Gulf African Bank, Kenya’s first fully Shar’iah-compliant bank, has partnered with Safaricom for agent-to-agent transactions. 

This means M-Pesa agents now have a wider access and delivery channel through the bank, thereby reducing time lapse between deposits/withdrawals and actual update of agent electronic float.

Improve liquidity

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The agent-to-agent partnership will significantly improve liquidity among M-Pesa agents, the bank said on Tuesday.

“M-Pesa has been viewed with suspicion in the banking sector because of the belief that it was encroaching on the previously unchallenged banking territory but, the reality is that it is an innovative service which filled a service gap that the banks were unable to fill,” said Gulf African Bank CEO Najmul Hassan.

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