Updated September 28, 2026 · VaultCue Editorial Team
Fi Money vs M-Pesa
Fi Money
Higher score in this comparison
M-Pesa
Fi Money vs M-Pesa: the differences
| Compare | Fi MoneyReviewSee alternativesSee alternatives | M-PesaReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | ₹0 | KES 0 |
| Licence type | Payment institution | Not confirmed |
| Deposit protection | EU DGS up to EUR 100,000 | Not confirmed |
| Currency conversion fee | 0% | Not confirmed |
| Currencies | Not confirmed | 1 |
| Free ATM withdrawals | Not confirmed | KES 100 |
| Transfer fee | Not confirmed | Free to KES 100, then KES 7-108 |
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Key differences
- Fi Money is available in 1 more country.
- Support channels: only M-Pesa offers Phone, Community.
- Pricing model: only Fi Money offers Low FX.
Our verdict on each
Fi Money
Fi Money charges a monthly fee of INR 0 and a currency conversion fee of 0%, a pairing that sits at the sharp end of the everyday account market. It suits people who want easy access savings on digital only terms, and less so anyone who needs support beyond email, chat and help centre.
M-Pesa
M-Pesa suits anyone in Kenya who wants everyday money handled on a handset, with a monthly fee of KES 0. Savings pay a variable rate of 2% to 5% from a small entry point. The trade-off is a digital-only service with a single currency and no branch access.
Score breakdown
| Area | Fi Money | M-Pesa |
|---|---|---|
| Cost | 9.4 | Not confirmed |
| Offer | 9.2Higher | 9.0Free ATM withdrawals within KES 100, savings opening from KES 1 and support across email, chat and phone. |
| Trust | 8.2 | 8.8Higher |
How they place
| Ranking | Fi Money | M-Pesa |
|---|---|---|
| Savings accounts | 404 of 1420 | 416 of 1420 |
| Online banks | 123 of 402 | 128 of 402 |
Every fact side by side
| Fact | Fi Money | M-Pesa |
|---|---|---|
| Audience | Not confirmed | Expats, Teen, Business |
| Pricing model | No monthly fee, Low FXCovers more | No monthly fee |
| Features | Digital only | Digital only |
| Legal entity | Money International | Safaricom PLC |
| Headquarters | Belgium | Kenya |
| Founded | Not confirmed | 2007 |
| Support channels | Email, Chat, Help centre | Email, Chat, Phone, Help centre, CommunityCovers more |
Savings
| Fact | Fi Money | M-Pesa |
|---|---|---|
| Headline rate | Not confirmed | 2% to 5% |
| Rate type | Not confirmed | Variable |
| Minimum deposit | Not confirmed | KES 1 |
| Access terms | Existing accounts: log in to the Federal Bank FedMobile app; new savings accounts cannot be opened through the Fi app | Electronic only, operated via the M-Shwari Menu on the M-PESA system; no branch access |
| Account kind | Easy access | Easy access |
Money transfer
| Fact | Fi Money | M-Pesa |
|---|---|---|
| Payout methods | Not confirmed | Bank, Cash pickup, Wallet |
| Fee to send 1,000 | Not confirmed | KES 13 |
Where each stands against the rest
| Fact | Fi Money | M-Pesa | Median |
|---|---|---|---|
| Currency conversion fee | 0%below the median | Not confirmed | 0.5% |
| Currencies | Not confirmed | 1lowest quarter | 5 |
Median across 536 listed accounts.
Pros and cons
Fi Money
Pros
- A monthly fee of INR 0 and a conversion fee of 0% put Fi Money at a rank of 1 among 500 brands, and 1 among 312 brands for conversion.
- Deposits sit under EU DGS up to EUR 100,000, and the savings account is easy access so the balance stays reachable.
- The pricing model is no monthly fee and low fx, with day to day help over email, chat and help centre.
Cons
- New savings accounts are opened outside the Fi app, so existing customers reach the balance through the Federal Bank FedMobile app.
- Support runs on email, chat and help centre only, so there is no phone line for urgent problems.
- The account is digital only, so branch and counter service are ruled out.
M-Pesa
Pros
- A monthly fee of KES 0, so there is no ongoing charge for keeping the account
- Savings pay a variable rate of 2% to 5% and open from a minimum deposit of KES 1
- Money sent out reaches bank, cash pickup and wallet
Cons
- Money moves in a single market, since the account holds 1 currency
- Branch counters are not among its listed features, which cover digital only, and access runs through the M-Shwari menu on the M-PESA system
- Transfer fees run Free to KES 100, then KES 7-108, with a common send charge of KES 13
Who each suits
Fi Money
Who it suits
- People who want an easy access savings account with a monthly fee of INR 0 and a conversion fee of 0%.
- Existing Federal Bank FedMobile app users who want their savings balance in the same place as their everyday banking.
Who should look elsewhere
- Anyone after a card and credit product rather than savings, where AXI Card lists a monthly fee of €0.
- People who want a dealing platform or a payments wallet, where XTB charges a monthly fee of €0 and Skrill charges €0.
M-Pesa
Who it suits
- People living in Kenya who pay and collect money by phone
- Teens and expats who want an account without a monthly charge
- Businesses and traders who receive and pay out through a wallet
Who should look elsewhere
- Skrill, if you need to hold and convert money in several currencies
- PayPal Colombia, if your payments need to reach an international audience
- Plazo ES, if you are weighing savings products and want terms other than a variable variable rate
Country by country
| Country | Fi Money | M-Pesa |
|---|---|---|
| Belgium | Yes | No |
| India | Yes | No |
| Kenya | No | Yes |
Questions about each
Fi Money
What does it cost to keep a Fi Money account?+
The monthly fee is INR 0 and the currency conversion fee is 0%, so neither common charge adds anything to the cost. Fi Money ranks 1 among 500 brands for the monthly fee and 1 among 312 for conversion.
Is my money protected and who regulates Fi Money?+
The legal entity is Money International, registered in Belgium, and it holds a payment institution licence listed as PSD_PI BE_NBB!0475445104. It appears on the BE_NBB register and the European Banking Authority payment services register. Deposits are covered by EU DGS up to EUR 100,000, which protects savings up to the scheme limit.
M-Pesa
What does M-Pesa cost to keep each month?+
The monthly fee is KES 0, so there is no charge for holding the account. Sending money is charged separately, with transfer fees running Free to KES 100, then KES 7-108 and a common send charge of KES 13. Cash machine withdrawals are free within an allowance of KES 100.
Is there a minimum deposit needed to start?+
Savings start from a minimum deposit of KES 1, so the entry point is low. The monthly fee is KES 0, which means no ongoing charge to keep the account open, and the account kind is easy access for easy access to the balance.
Other options to compare
Related by the facts
Fi Money
M-Pesa