The first phase ofLipa Na M-Pesa is anchored on an aggressive countrywide recruitment exercise, targeting to enrol more than 100,000 small and medium sized businesses by April 2014.
Traders will only be required to produce copies of a PIN certificate, Identification Card and trading license in order to get a till number.
Mwangi-Thuo, Safaricom’s general manager for financial services, said: “By using the M-Pesa payment services, traders will handle less cash and will therefore be less susceptible to risks associated with cash handling such as theft and fake currency.
“In addition, Lipa Na M-PESA will also help traders enhance business efficiency.”
Mwangi-Thuo added by adopting M-Pesa as a primary tool of transaction, traders will have access to more than 17 million customers, and be able to provide their customers with a safer and more convenient way of making payments.
Bob Collymore, Safaricom chief executive officer (CEO), said the widespread use of M-Pesa was driving the country’s cash lite economy agenda, which he said is a more secure and efficient method of transacting.
“Lipa Na M-Pesa is one of the ways through which we want to make mobile money work in micro-transactions,” said Collymore.
Central Bank of Kenya (CBK) reports indicate the country’s financial inclusion levels are now at 80 per cent, with mobile money contributing 57 per cent of the total number of Kenyans with access to some form of formal financial platform.
Safaricom’s M-Pesa has 17 million subscribers.