Beneficiaries of the bicycle-on-credit programmes in Kenya can now use ‘M-Pesa’ to pay off the bicycle. M-Pesa is a mobile-phone based money transfer service. The initial concept of M-Pesa is to create a service which allows microfinance borrowers to conveniently receive and repay loans using the mobile phone network. M-Pesa is widely used and accessible and will ease the payments of the beneficiaries. This service also enables our partner organisations to offer competitive loan rates, as there is a reduced cost of dealing in cash.
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