Updated October 14, 2026 · VaultCue Editorial Team
M-Pesa vs ubank
M-Pesa
Higher score in this comparison
ubank
What sets them apart
| Compare | M-PesaReviewSee alternativesSee alternatives | ubankReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | KES 0 | Not confirmed |
| Currencies | 1 | Not confirmed |
| Free ATM withdrawals | KES 100 | Not confirmed |
| Transfer fee | Free to KES 100, then KES 7-108 | Not confirmed |
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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.
ubank
Ubank lists goal-oriented savings, Autosave, savings accounts and Shared Save accounts.
Score breakdown
| Area | M-Pesa | ubank |
|---|---|---|
| Offer | 9.0Free ATM withdrawals within KES 100, savings opening from KES 1 and support across email, chat and phone. | Not confirmed |
| Trust | 8.8 | Not confirmed |
How they place
| Ranking | M-Pesa | ubank |
|---|---|---|
| Savings accounts | 416 of 1420 | 1317 of 1420 |
Every fact side by side
| Fact | M-Pesa | ubank |
|---|---|---|
| Audience | Expats, Teen, Business | Not confirmed |
| Pricing model | No monthly fee | Not confirmed |
| Features | Digital only | Not confirmed |
| Legal entity | Safaricom PLC | National Australia Bank |
| Headquarters | Kenya | Australia |
| Founded | 2007Lower | 2008 |
| Support channels | Email, Chat, Phone, Help centre, Community | Not confirmed |
Savings
| Fact | M-Pesa | ubank |
|---|---|---|
| Headline rate | 2% to 5% | Not confirmed |
| Rate type | Variable | Not confirmed |
| Minimum deposit | KES 1 | Not confirmed |
| Access terms | Electronic only, operated via the M-Shwari Menu on the M-PESA system; no branch access | Not confirmed |
| Account kind | Easy access | Easy access |
Money transfer
| Fact | M-Pesa | ubank |
|---|---|---|
| Payout methods | Bank, Cash pickup, Wallet | Not confirmed |
| Fee to send 1,000 | KES 13 | Not confirmed |
Where each stands against the rest
| Fact | M-Pesa | ubank | Median |
|---|---|---|---|
| Currencies | 1lowest quarter | Not confirmed | 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
ubank
Pros
- Ubank lists goal-oriented savings, Autosave, savings accounts and Shared Save accounts.
- The captured overview does not provide rates.
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
ubank
Who it suits
- Australia Ubank customers choosing goal-based, automatic or shared savings tools
Country by country
| Country | M-Pesa | ubank |
|---|---|---|
| Australia | 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.
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.
Other options to compare
Related by the facts
M-Pesa
ubank