Updated September 28, 2026 · VaultCue Editorial Team
M-Pesa vs Nequi
M-Pesa
Higher score in this comparison
Nequi
Where M-Pesa and Nequi differ
| Compare | M-PesaReviewSee alternativesSee alternatives | NequiReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | KES 0 | COP 0 |
| Currencies | 1 | 2Higher |
| Transfer fee | Free to KES 100, then KES 7-108 | Free (GRATIS) to send to Nequi or Bancolombia accounts/deposits, to other banks via ACH, and by QR |
| Currency conversion fee | Not confirmed | 3% |
| Free ATM withdrawals | KES 100 | Not confirmed |
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Key differences
- M-Pesa scores higher overall: 8.9 vs 8.5.
- Founded is lower at M-Pesa: 2007 vs 2015.
- Currencies is higher at Nequi: 2 vs 1.
- Support channels: only M-Pesa offers Email.
- Audience: only M-Pesa offers Expats.
- Audience: only Nequi offers Freelancer.
- Features: only M-Pesa offers Digital only.
- Features: only Nequi offers Free ATM.
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.
Nequi
Nequi suits Colombian adults who want everyday spending and an insured savings balance in a single free account, not readers who need a long currency list. The monthly fee is COP 0, and currency conversion at 3% is the only charge that adds up.
Score breakdown
| Area | M-Pesa | Nequi |
|---|---|---|
| Cost | Not confirmed | 8.2The monthly fee is COP 0 and transfers are free, but conversion at 3% is well above the everyday-accounts median 0.22%. |
| Offer | 9.0Free ATM withdrawals within KES 100, savings opening from KES 1 and support across email, chat and phone. | 9.1Higher |
| Trust | 8.8Higher | 8.4 |
How they place
| Ranking | M-Pesa | Nequi |
|---|---|---|
| Savings accounts | 416 of 1420 | 582 of 1420 |
| Business bank accounts | 178 of 563 | 266 of 563 |
| Money transfer services | 306 of 1564 | 446 of 1564 |
| Student, teen and kids accounts | 123 of 273 | 178 of 273 |
Every fact side by side
| Fact | M-Pesa | Nequi |
|---|---|---|
| Audience | Expats, Teen, Business | Teen, Business, Freelancer |
| Pricing model | No monthly fee | No monthly fee |
| Features | Digital only | Free ATM |
| Legal entity | Safaricom PLC | Nequi S.A. Compania de Financiamiento |
| Headquarters | Kenya | Colombia |
| Founded | 2007Lower | 2015 |
| Support channels | Email, Chat, Phone, Help centre, CommunityCovers more | Phone, Chat, Help centre, Community |
Savings
| Fact | M-Pesa | Nequi |
|---|---|---|
| Headline rate | 2% to 5% | Not confirmed |
| 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 | Nequi savings account for Colombian natural persons over 18, unlimited balance and no transaction cap, one savings account per user, deposit insured by FOGAFIN |
| Account kind | Easy access | Easy access |
Money transfer
| Fact | M-Pesa | Nequi |
|---|---|---|
| Exchange rate markup | Not confirmed | 3% |
| Delivery time | Not confirmed | Within 24 hours |
| Payout methods | Bank, Cash pickup, Wallet | Bank, Cash pickup, Wallet |
| Fee to send 1,000 | KES 13 | COP 0 |
Where each stands against the rest
| Fact | M-Pesa | Nequi | Median |
|---|---|---|---|
| Currency conversion fee | Not confirmed | 3%highest quarter | 0.5% |
| Currencies | 1lowest quarter | 2lowest 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
Nequi
Pros
- Deposits are insured by FOGAFAN, and the balance is unlimited with no transaction cap.
- The account kind is easy access and the savings rate is variable.
- Money can go to a bank, a cash pickup point or a wallet, per bank, cash pickup and wallet.
Cons
- Currency conversion costs 3% with a markup of 3%, above the everyday-accounts fee median of 0.22%.
- Only 2 currencies are supported, against an everyday-accounts median of 9.
- A single savings account per user, and only Colombian natural persons can open it.
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
Nequi
Who it suits
- Colombian adults who want savings and everyday spending in a single free account with insured deposits
- People in Nequi's core audience of teen, business and freelancer, from teens to freelancers
- Freelancers in Colombia who take payouts to a bank, a cash pickup point or a wallet, per bank, cash pickup and wallet
Who should look elsewhere
- Readers who hold many currencies: Nequi covers 2 and charges 3% to convert, so Skrill is the one to compare
- Anyone earning or saving in euros rather than pesos, since Plazo ES is priced in euros with a monthly fee of €0
- Readers who want a payment wallet rather than an insured savings balance, since PayPal Colombia also has a $0 monthly fee
Current offers
Nequi
Current offer
Bonus
Tienda Virtual Nequi: Walaky cashback: Up to 7% money back
Devolucion de plata on digital purchases at Walaky through Tienda Virtual Nequi
Source, checked September 26, 2026
Bonus
Tienda Virtual Nequi: Clevercel cashback: Up to 4% cashback
Devolucion de plata on digital purchases at Clevercel through Tienda Virtual Nequi
Source, checked September 26, 2026
Country by country
| Country | M-Pesa | Nequi |
|---|---|---|
| Colombia | 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.
Nequi
What does Nequi cost to keep each month?+
The Nequi savings account carries a monthly fee of COP 0, so there is no standing charge for Colombian adults. Transfers to Nequi or Bancolombia accounts, to other Colombian banks by ACH and by QR are free, with a transfer fee of COP 0.
Is my money protected in a Nequi savings account?+
Deposits in the Nequi savings account are insured by FOGAFIN, and the account kind is easy access. The balance is unlimited with no transaction cap, and the account is open to Colombian natural persons with a single savings account per user.
Other options to compare
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M-Pesa
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