M-Pesa Traders Get a New Way to Invest

Safaricom, Kenya’s largest telecommunications company, has launched a new feature that allows users of its popular mobile payment service, M-Pesa, to trade stocks. The platform, dubbed “M-Pesa Stock Exchange,” aims to provide an accessible and affordable way for ordinary Kenyans to invest in the stock market. The new feature is part of Safaricom’s effort to expand its digital services and encourage financial inclusion. According to the company, the M-Pesa Stock Exchange will offer a range of stocks from the Nairobi Securities Exchange (NSE) and the Kenya Securities Exchange (KSE), with prices quoted in Kenyan shillings. Users can start trading with as little as KES 1,000, making it one of the most affordable stock trading platforms in the country. The service also offers a user-friendly interface, allowing users to easily buy and sell stocks using their mobile phones. Safaricom’s Chief Executive Officer, Peter Alltume, said that the launch of the M-Pesa Stock Exchange is part of the company’s mission to provide digital services that cater to the needs of its customers. “We believe that investing in the stock market should be accessible to everyone, regardless of their financial background,” he said. The new platform is expected to attract a large number of users, including small-scale farmers and entrepreneurs who may not have had access to traditional stock trading platforms due to high transaction fees or lack of knowledge about the markets.