M-Pesa is a mobile wallet that allows customers with standard feature phones to send and receive money by SMS.
Customers register for M-Pesa at an authorised agent, often a small mobile phone store or retailer, and then deposit cash in exchange for electronic money which they can send to their family or friends, use to buy airtime, goods, services or pay bills. Once they have registered, all transactions are completed securely by entering a PIN number and both parties receive an SMS confirming the amount that has been transferred. The recipient, who does not have to use the same network, receives the electronic money in real-time and then redeems it for cash by visiting an agent.
Transfers from bank accounts and various saving and loan products are also available from M-PESA.
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