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Bank In Your Mobile Phone: How Safe Is It?
In my first Intel I promised to give you the background of MPesa and how it works. Of cause mobile banking is not new in the market because most banks now employ mobile phone technology to enable customers access simple transactions such as balance enquiry, mini-statements and purchase of air-time. M-PESA is different in the sense that the service allows you to use your mobile phone to carry out important money transactions that were hitherto a preserve for banks. The service is available to all members of the public, even if you do not have a bank account or bankcard. Available services include cash deposit, cash withdrawal, funds transfer, balance enquiry, direct purchase of air time among others. The most interesting bit is the fact that Kenya is the first country in the world to use this service, which is offered by Safaricom - the main mobile phone operator in the country. The facility was initially intended to assist the poor rural folks who do not operate bank accounts to access money transfer services within reach. People who work in towns found it to be a convenient way of sending money to their distant relative. They also discovered that apart from the transfer, you could actually retain the balance in your phone until such a time that you were ready to transfer or withdraw it. Most people now maintain huge balances in their mobile phones The other convenience is the many M-Pesa agents who are spread all over the country and operate 24 hours thus making it easy to access the service anywhere. On security issues, I would give M-Pesa a 9 out of a scale of 10. It is almost impossible for an un-authorized person to access the money, unless he has access to the security code given to the account holder. Even when you lose your phone, the money is still secure! All you need to do is report to Safaricom and a new SIM will be issued with your account balance intact. HOW TO DEPOSIT CASH
All you need to do is go to an M-PESA Agent and:
1. Give him the cash and your mobile phone number
2. You and your Agent will receive SMS confirming the deposit HOW TO SEND MONEY
3. On your M-PESA phone menu, select “Send Money”
4. Enter recipient’s phone number, the amount and your PIN
5. You and the recepient will receive SMS confirming the transfer HOW TO GET CASH
If you are a registered M-PESA Customer
Go to an M-PESA Agent and:
1. Give your phone number and show your ID / passport
2. Go to your M-PESA menu, select Withdraw money
3. Enter the Agent number, the amount and your PIN
4. You and your Agent will receive an SMS confirming the transfer
5. The Agent will then give you the cash If you are not a registered M-PESA customer but have received notification of money transfer to you
Go to an M-PESA Agent and:
1.Give your phone number and show your ID/Passport
2.Give the code in your SMS from M-PESA.
3.The Agent will do the transaction on your behalf using his phone.
4.You and your agent will receive an SMS confirming the transfer.
5.The agent will give you the cash. Just like that! Can you see now why the banks are up in arms? I think they are justified. If they must survive.
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The copyright for this content entitled "Bank In Your Mobile Phone: How Safe Is It?" has been specified by the contributor as:
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This intel was contributed by ngmaroa
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May, 2012
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