Mpesa is one of the greatest inventions in this nation. Today, one can send and receive from different parts of the country. In addition, you can buy goods and pay bills from the comfort of your home, thanks to mobile banking services. Here are four interesting facts you didn’t know about MPESA

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1. What happens to Mpesa money when one dies?

The amount in the Mpesa account of the deceased can be passed to the next of kin. However, he has to provide documents to prove that he or she is the next of kin including national ID of the deceased.

2. Where are Mpesa funds held?

Mpesa funds are normally held by different banks. If you thought Mpesa holds billions of shillings transacted during different times then you are very wrong. The service provider works with financial institutions to ensure you get the money.

3. Does Mpesa create money outside the banking system? 

The amount of money that finds its ways into the Mpesa system has a backing in commercial banks. The money in Mpesa is normally referred to as M1. 

4. Does Mpesa monitor transactions?

Well, Safaricom monitors different transactions conducted through Mpesa. The firm has information on all the transactions. The service provider issues statements that indicate the transactions conducted through Mpesa.