This archive report was first published on 12 August 2019.
Published on August 12, 2019, mobile money transactions have become a convenient way to make payments in Kenya, but they can also lead to financial difficulties if not managed properly.
With the rise of mobile banking and money transfer services, transactions have become safer and more convenient, but the costs associated with them can often go unnoticed, leading to costly consequences.
One of the ways to save money is by evaluating and cutting down on costs that come with mobile money transactions. Embracing paying in cash can help cut out service providers who make transactions costlier.
However, mobile money transactions can also get you into debt, especially with the introduction of overdraft facilities like Safaricom's Fuliza. This facility allows users to complete transactions even when they have insufficient funds, but it comes with a cost and can lead to debt if not repaid in time.
So, how can you make your money grow? One of the biggest steps is learning to say no to mobile money loans unless you really need them and reducing the usage of mobile money transactions. Making this change will be painful but worth it in the long run.
By ditching the mobile phone money convenience and adopting a new saving culture, you can build a future from saving a little regularly. It's never too late to start saving for that rainy day, and with a little accountability, you can make your money grow.
