Safaricom unveils M-Pesa facility targeting the youth
Safaricom has launched a new M-Pesa product targeting teenagers between the ages of 10-17 who constitute nearly half of the country’s population.
The product dubbed M-Pesa Go will allow teenagers to register for access to all the services on the M-Pesa app using their guardian’s IDs except withdrawal, digital loans and betting.
“We are providing a revolutionary product meant for the youngsters but with oversight from their guardians. Leveraging the M-Pesa app we also plan to introduce financial literacy to equip children with tools for managing money,” said Safaricom CEO James Ndegwa (pictured). At least 70 per cent of Kenya’s population is below the age of 21, meaning that the company and many others may be missing out on a huge market due to lack of IDs. The deal could further cement M-Pesa’s position as the key revenue driver of the telco.
The parents or guardians will either visit a nearest Safaricom shop or self on board using the super app. The present generation, according to Ndegwa, was born into a world of technology, the internet, and cashless transactions.