M-PESA launches Pay Bill account
Safaricom’s M-PESA now offers short term Pay Bill facilities for holding cash for specific purposes – such as a wedding.
Short Term M-PESA Pay Bill account is a new service that allows subscribers to lease a Pay Bill number for a specific period of time for specific purposes. It allows users to raise money for medical reasons, education, weddings, funerals or charity, helping them consolidate their funds and making it easy for well-wishers to contribute.
A Pay Bill number can be rented for any duration between 1 – 6 months. The number will be available for use within 48 hours upon application. It works like a normal Pay Bill account except that the service is short-term. Renting a Short Term M-PESA Pay Bill account will not incur any charges and there will be no complications for the users as the steps used are the same as for the normal Pay Bill account.
Apart from being a secure avenue for holding cash, Short Term M-PESA Pay Bill account has other advantages -as a one point of funds collection, it ensures accountability since cash is withdrawn to a bank and a statement of funds is availed for audit. Pay Bill accounts can hold large sums of cash, up to Kshs. 100 million, whereas the normal customer number holds Kshs. 100,000.