Safaricom’s Mobile Money Platform has introduced a new feature called M-PESA Ratiba.
This feature allows M-PESA users to set up recurring (standing order) payments from their M-PESA accounts to other M-PESA users or Lipa na M-PESA shortcodes.
According to Peter Ndegwa, Safaricom’s CEO, the new M-PESA Ratiba is particularly useful for paying rent, utility bills, school fees, and other regular expenses as well as sending money to other M-PESA users on a regular basis
“Safaricom continues to transform lives through delivery of differentiated and personalized digital financial services and experiences to our customers. M-PESA Ratiba will allow customers worry-free digital payments of bills and transactions. We continue to innovate on the M-PESA platform to give our customers more visibility, control and security around their financial wellness’, Peter Ndegwa, Safaricom’s CEO said.
Here are some key points about M-PESA Ratiba:
Setup: Users can set up standing orders through the M-PESA USSD short code *334# or the M-PESA app.
Transaction Limits: The regular M-PESA transaction limits apply, with a maximum of KSh. 250,000 per transaction and KSh. 500,000 per day.
Charges: There is a standard charge of KSh. 5 per transaction, in addition to the normal M-PESA transaction fees.
Flexibility: Users can automate multiple recurring payments, set the duration of the standing orders, and cancel them without extra fees.
Notifications: Users can schedule reminders for manually initiated transactions or set up auto-debit transfers.
This feature aims to make managing regular payments more convenient and efficient for M-PESA users.
To get started, into the M-PESA Ratiba, customers must review and accept the terms and conditions, and they can then opt in using their M-PESA PIN.
