Updated September 29, 2026 · VaultCue Editorial Team
M-Pesa vs Mox Bank
M-Pesa
Higher score in this comparison
Mox Bank
Where M-Pesa and Mox Bank differ
| Compare | M-PesaReviewSee alternativesSee alternatives | Mox BankReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | KES 0 | HK$0 |
| Currencies | 1 | 17Higher |
| Transfer fee | Free to KES 100, then KES 7-108 | 0 remit fees on all global money transfers (Express Remit) from 2 July 2024 |
| Free ATM withdrawals | KES 100 | Not confirmed |
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Key differences
- M-Pesa scores higher overall: 8.9 vs 8.6.
- Founded is lower at M-Pesa: 2007 vs 2020.
- Currencies is higher at Mox Bank: 17 vs 1.
- Support channels: only M-Pesa offers Chat.
- Pricing model: only Mox Bank offers Low FX.
Our verdict on each
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.
Mox Bank
Mox Bank suits readers who want a digital-only account that credits interest daily and moves money across several currencies, not the highest savings rate. The monthly fee on the easy access account is HKD 0, transfers carry fees of HKD 0, and the savings rate is 0.001%.
Score breakdown
| Area | M-Pesa | Mox Bank |
|---|---|---|
| Cost | Not confirmed | 9.1 |
| Offer | 9.0HigherFree ATM withdrawals within KES 100, savings opening from KES 1 and support across email, chat and phone. | 8.9A variable savings rate of 0.001% and delivery in 20 seconds to 1 week keep the offer modest. |
| Trust | 8.8Higher | 8.1 |
How they place
| Ranking | M-Pesa | Mox Bank |
|---|---|---|
| Savings accounts | 416 of 1420 | 559 of 1420 |
| Money transfer services | 306 of 1564 | 425 of 1564 |
| Online banks | 128 of 402 | 190 of 402 |
Every fact side by side
| Fact | M-Pesa | Mox Bank |
|---|---|---|
| Audience | Expats, Teen, Business | Not confirmed |
| Pricing model | No monthly fee | No monthly fee, Low FXCovers more |
| Features | Digital only | Digital only |
| Legal entity | Safaricom PLC | Mox Bank Limited |
| Headquarters | Kenya | Hong Kong |
| Founded | 2007Lower | 2020 |
| Support channels | Email, Chat, Phone, Help centre, CommunityCovers more | Email, Phone, Help centre, Community |
Savings
| Fact | M-Pesa | Mox Bank |
|---|---|---|
| Headline rate | 2% to 5%Higher | 0.001% |
| Rate type | Variable | Variable |
| Minimum deposit | KES 1 | Not confirmed |
| Access terms | Electronic only, operated via the M-Shwari Menu on the M-PESA system; no branch access | Interest credited daily to the Mox Account; savings balance usable for daily purchases |
| Account kind | Easy access | Easy access |
Money transfer
| Fact | M-Pesa | Mox Bank |
|---|---|---|
| Delivery time | Not confirmed | 20 seconds to 1 week |
| Payout methods | Bank, Cash pickup, WalletCovers more | Bank, Wallet |
| Fee to send 1,000 | KES 13 | HK$0 |
Where each stands against the rest
| Fact | M-Pesa | Mox Bank | Median |
|---|---|---|---|
| Currencies | 1lowest quarter | 17highest quarter | 5 |
Median across 536 listed accounts.
Pros and cons
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
Mox Bank
Pros
- A monthly fee of HKD 0 on the account, with a no monthly fee and low fx pricing model.
- Transfer fees of HKD 0 on Express Remit transfers, paying out to bank and wallet.
- Interest is credited daily and the savings balance is usable for daily purchases.
Cons
- The savings rate of 0.001% sits far under the 3% common across the accounts compared here.
- The service is digital only, so everything runs through the app rather than a branch.
- Transfers can take 20 seconds to 1 week to arrive.
Who each suits
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
Mox Bank
Who it suits
- People who want the same balance to cover daily spending and savings, with interest credited daily.
- Readers who send money abroad regularly and value transfer fees of HKD 0.
- Anyone banking entirely in an app across 17 currencies.
Who should look elsewhere
- Anyone chasing a high savings rate, since AXI Card Tarjeta y Credito shows 21.59%.
- Readers who want more from a savings product: PayPal Colombia lists 3.3%.
- Plazo ES suits people who prefer a headline rate of 24.19% over daily crediting.
Current offers
Mox Bank
Current offer
Bonus
Mission Bonus Rate: Up to 3.5% p.a. on deposit
Stacking missions; see Mission Bonus Rate Promotion (2026) Terms and Conditions
Source, checked September 26, 2026
Bonus
Mox Payroll: 1.5% p.a. savings top up
Set payroll with Mox; see Payroll Transfer Promotion Terms and Conditions
Source, checked September 26, 2026
Country by country
| Country | M-Pesa | Mox Bank |
|---|---|---|
| Hong Kong | No | Yes |
| Kenya | Yes | No |
Questions about each
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.
Mox Bank
What does Mox Bank charge to keep an account open?+
The account carries a monthly fee of HKD 0, and the pricing model is no monthly fee and low fx. That matches the €0 median monthly fee across the accounts compared here, which leaves the account among the cheapest digital banks to hold.
How much interest do I earn on Mox savings?+
The headline rate is 0.001% and the rate type is variable, so the return can move rather than staying fixed for a term. Interest is credited daily to the Mox Account, and the savings balance can be spent on everyday purchases. Readers shopping for yield should compare the 3% median here.
Other options to compare
Related by the facts
M-Pesa
Mox Bank