This archive report was first published on 5 December 2019.
Published on December 5, 2019, Safaricom's M-Pesa savings product is poised to revolutionize the way Kenyans save money.
According to a report, the product will allow users to earn interest on their savings, with interest calculated per day.
At 10 percent, Safaricom's offer is nearly double the current interest paid by banks on savings.
M-Pesa, with over 20 million active users in Kenya, has become the driving force behind Safaricom's profit growth, as traditional voice and text services revenue has plateaued.
Currently, Safaricom offers a savings product in partnership with NCBA through M-Shwari, with interest rates ranging from 3 to 5 percent depending on the amount saved.
