The vast majority of Kenyans rely on Mpesa as their primary mobile banking option. Every Kenyan phone comes with the Mpesa service, and users are supposed to open an account with Mpesa via Safaricom. As a result, Kenyans benefit from Fuliza's overdraft service. This is an easily accessible form of loan for any Kenyan who is enrolled under it and has a functional Fuliza Limit.
However, details are emerging that indicate a significant step that could jeopardize Mpesa's operation in Kenya. According to a late evening tweet from KTN news, technology companies are vying for a larger part of Kenya's multi-billion shilling digital payment sector, which might threaten the country's well-known Mpesa.
According to IT companies, Mpesa is limited to modest transactions, making it difficult to move millions of dollars.
Does this suggest that Mpesa would be phased out once the Kenyan Central Bank unveils its new multibillion shilling digital payment system?
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