The lower fee will be the product of moving the M-Pesa IT platform from
Hosting the M-Pesa platform locally is expected to cut payments made to third parties and increase the efficiency of the money transfer service.
"The software for the platform for
"The rates will come down. The new rates will be known after negotiations between
In the new arrangement,
The British telecoms giant is estimated to have pocketed Sh1.3 billion of the Sh12.5 billion revenue that
The revenue-sharing deal makes
At the moment, M-Pesa transactions are routed to
"The new Generation 2 platform will increase the availability of new functionalities for our customers and improve the integration with third parties," said
"The number of transactions per second will also be increased significantly."
READ: M-Pesa's new platform promises faster payments
M-Pesa was launched in 2007 and started as a service that allowed users to transfer and deposit cash via their phones. But its offerings have grown and users can borrow small loans, make bulk payments like salaries and dividend as well as settlement of bills like utilities, school fees and matatu fares.
Its popularity has strained the platform on which the
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