M-Pesa: Cash Collection​​

M-Pesa: Cash Collection  

Vodafone makes receiving payments from customers and channel possible in a secure and swift manner through M-Pesa. First, Vodafone provides an M-Pesa collection account to the company. This account number is then shared with the people from whom money needs to be collected, who are then enrolled as M-Pesa customers. The customer’s number becomes the M-Pesa account number for all transactions. These customers can visit any M-Pesa agent outlet to deposit cash and get an equal amount of digital money on their mobile. Now, they can send money to the company’s M-Pesa  collection number which is received in real time and is transferred to the company’s bank account on the next banking day (T+1).

Issues faced by companies in cash collections M-Pesa solution
Time spent by the retailer to collect cash/distributor to reach company account Instant transfer using M-Pesa mobile money to company account
Threat of theft of cash Secure as money is loaded on a mobile phone
Cost of handling cash and MIS reconciliation Cash eliminated from system and provision of detailed online MIS
Manpower involved in handling cash No manpower required
Fake cash and mutilated notes Non-issue as cash is eliminated

M-Pesa Success Stories

Muthoot Microfinance - A leader in microfinance now empowers self-help groups across India with greater efficiency.

WaterHealth - A leader in running decentralized water purification systems can now serve health to more.

So, let’s make you a Ready Business.

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