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M-Pesa review

Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026

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Our verdict

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.

Key facts

Best for
Anyone in Kenya who runs daily payments and small savings from a handset.
Monthly fee
KES 0↗
Currencies
1↗
Free ATM withdrawals
KES 100↗
Transfer fee
Free to KES 100, then KES 7-108↗
Legal entity
Safaricom PLC↗
Headquarters
Kenya↗
Founded
2007↗
Support channels
Email, Chat, Phone, Help-centre, Community↗
Audience
Expats, Teens, Business
Pricing model
No monthly fee
Features
Digital-only
Official website
safaricom.co.ke

Savings

Headline rate
2% to 5%↗
Rate type
Variable↗
Minimum deposit
KES 1↗
Access terms
Electronic only, operated via the M-Shwari Menu on the M-PESA system; no branch access↗
Account kind
Easy access↗

Money transfer

Payout methods
Bank, Cash-pickup, Wallet↗
Fee to send 1,000
KES 13↗

Facts checked September 26, 2026, 7 sources

Apps and profiles

Get the app
App StoreGoogle Play
Elsewhere
WikidataWikipediaLinkedInX

Pros and cons

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
  • Support covers email, chat and phone

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
M-Pesa

Ready to try M-Pesa?

Scored 8.9 / 10 by VaultCue.

See alternatives

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

How M-Pesa compares

Where M-Pesa is available

Available
Kenya

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

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.

How do I get money out of M-Pesa?+

Payout options cover bank, cash pickup and wallet, so money can reach a bank account, be collected as cash or pass to another wallet. Withdrawals from cash machines are free within an allowance of KES 100, and the legal entity behind the service is Safaricom PLC.

What interest do the savings pay?+

The savings side pays a headline rate of 2% to 5% on a variable basis, and the rate type is listed as variable, so the figure can move over time. You can begin with a minimum deposit of KES 1, and the account kind is easy access.

Who is M-Pesa aimed at?+

The stated audience covers expats, teen and business, so teens, expats and business users are all named. Support runs through email, chat and phone, and sending money reaches bank, cash pickup and wallet for household and trading use alike. The operator, Safaricom PLC, is headquartered in Kenya.

Can I open and use it in a branch?+

Access is electronic only, run through the M-Shwari menu on the M-PESA system, so a handset is the way in. The account kind is easy access and the listed features cover digital only, which suits people who run their banking on a phone.

Which currencies does it handle?+

The account holds 1 currency, so it is built around a single market rather than a multi-currency one. Anyone converting between currencies regularly is better served by a wallet such as Skrill, which also has a monthly fee of €0.

Sources

Compiled from 7 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Licence type, Deposit protection, Currency conversion fee.

M-Pesa

M-Pesa

Anyone in Kenya who runs daily payments and small savings from a handset.

8.9/10See alternatives