Mobile Money Transfer

Musoni has broken away from time-consuming manual microfinance processes, providing a fully automated, mobile phone based banking service. Repaying loans and depositing savings has never been easier.

Mobile money transfer (MMT) services enable people to send money from anywhere in the country, to anywhere in the country, as easily as sending a text message.

The success of MMT services has been unprecedented across East Africa and in particular in Kenya. The most popular, Safaricom’s M-PESA, already has over 8m clients and over 12,000 agents in Kenya alone.

While these services are primarily used to send money from person to person, they can also be used to send money to a company, thus repaying a loan or depositing a saving. This is where Musoni fits in.

We are currently enabling our clients to repay their loans using Safaricom’s M-PESA and Zain’s Zap. These both work in a similar way, each relying upon a network of cash-in / cash-out points, known as agents.

A Musoni client wishing to repay a loan or deposit their savings would visit any one of thousands of countrywide agents and convert hard cash into mobile money. After following a few simple steps, such as specifying that they are to send money to Musoni, and verifying their pincode, they click ‘Send’ and the money is immediately deposited in Musoni’s account. The client receives a text message receipt confirming their transaction while Musoni is able to see that the repayment/deposit has been made on our internal system.  

Musoni will also utilise MMT services for loan disbursements.

More information on each of the MMT services in Kenya can be found here:

Safaricom’s M-PESA

Zain’s Zap