Vodafone makes receiving payments from customers and channel possible in a secure and swift manner through M-Pesa. First, Vodafone provides an M-Pesa collection account to the company. This account number is then shared with the people from whom money needs to be collected, who are then enrolled as M-Pesa customers. The customer’s number becomes the M-Pesa account number for all transactions. These customers can visit any M-Pesa agent outlet to deposit cash and get an equal amount of digital money on their mobile. Now, they can send money to the company’s M-Pesa collection number which is received in real time and is transferred to the company’s bank account on the next banking day (T+1).
|Issues faced by companies in cash collections
|Time spent by the retailer to collect cash/distributor to reach company account
||Instant transfer using M-Pesa mobile money to company account
|Threat of theft of cash
||Secure as money is loaded on a mobile phone
|Cost of handling cash and MIS reconciliation
||Cash eliminated from system and provision of detailed online MIS
|Manpower involved in handling cash
||No manpower required
|Fake cash and mutilated notes
||Non-issue as cash is eliminated
M-Pesa Success Stories
Muthoot Microfinance - A leader in microfinance now empowers self-help groups across India with greater efficiency.
WaterHealth - A leader in running decentralized water purification systems can now serve health to more.
So, let’s make you a
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