Safaricom to Soon Launch M-PESA Junior Product
Safaricom will soon launch the M-PESA Junior Accounts product, enabling children between the ages of 10 – 18 to access M-PESA services.’
Minors will use SIM cards registered to their guardians or parents to access the network.
Consequently, the M-PESA Junior product will restrict what minors can do, Safaricom chief executive officer Peter Ndegwa emphasised on Friday during the release of their half-year results.
According to Safaricom chief executive officer Peter Ndegwa, eventually, customers under 18 years will be able to use M-PESA when that time arrives.
”So, going forward, the junior will be able to have their number but are under the parent account, which converts to the Junior Account automatically when they turn 18.”
The parent will be able to monitor what the child can do. We have simplified the menu that the Junior Account would have so that they cannot access certain services like betting.”
Ndegwa said the upgrades to the product has received “very strong support” from the Central Bank of Kenya because of parental control rather than using an adult account.
Safaricom will launch the M-PESA Junior Account Product end of November.
.@PeterNdegwa_ We have several products that have been developed and are in the pipeline for commercial launch. This includes the M-PESA junior product which we are launching later this month. #SafaricomHYResults pic.twitter.com/moxK7qpiue
— Safaricom PLC (@SafaricomPLC) November 11, 2022
During the period, M-PESA remained the most significant revenue earner at Ksh 56.9 billion and an 8.7% increase YoY from Ksh 52.3 billion, supported by increased usage and growth of chargeable transactions per customer, which grew 16.3% YoY.
M-PESA accounted for 39.3% of total service revenues (HY22 – 37.8%).