Boniface Gitonga Mungania, business development manager for M-Pesa at Safaricom, has told the Future Bank Africa 2013 conference one of the keys to their success is because they are “moving ahead” of the regulator.
Mungania’s 30-minute presentation to peers in the banking industry, in Sandton, Johannesburg, this morning seeked to explain where M-Pesa came from and the reasons for its success.
He said: “We have a very supportive regulator. In most cases we are moving ahead of the regulator. We innovate and then they say “let’s see what you have done here” or we take a product to them and say “how can we regulate it?””
Mungania was also keen to emphasise M-Pesa has moved on from just being a mobile money transfer system
He added: “Initially everyone says we are a mobile money transfer service, but we have evolved.”
He highlighted the partnership with I&M Bank, which is delivering a co-branded VISA pre-pay card, and an international money transfer service through Western Union.
