Money matters

https://msurvey.co.ke | [email protected] | +254 703 348 440Copyright © 2014, mSurvey

Engaging the next BILLION consumers through mobile surveys

https://msurvey.co.ke | [email protected] | +254 703 348 440

MONEY MATTERS

Copyright © 2014, mSurvey


How Do Kenyans prefer to make their payments?What is the most preferred mode of payment for goods and services?What is the most preferred mode of payment for rent, government services and school fees?What is the most used mode of payment? How do people like to receive money and transact?What is the effect of age, gender and (un)employment on the various preferences?


• About half of the respondents were 21-22 years old, with the average age being 25

• 55% of the respondents were males

Respondents’ Gender and age composition

21292322192526355939302431

0% 10% 20% 30% 40% 50% 60%

Age

Proportion

Age

Male Female0%

10%

20%

30%

40%

50%

60%55%

45%

Gender


• About half of the respondents would prefer MPesa to pay for goods and services, with 10% preferring card payments

• The popularity of mobile money transfer is evident

• 41% prefer cash payments

How would you prefer to pay for goods and services ?

MPESA Cash Payment Card (e.g visa./mastercard)

0%

10%

20%

30%

40%

50%

60%

49%

41%

10%


Other payment preferences – Follow up

MPESA Cash Check Payment Card 0%

10%

20%

30%

40%

50%

60%

70%

80%71%

19%

5% 4%

How would you prefer to receive money?

MPESA Cash Check Payment Card0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50% 47%45%

5%3%

Which form of payment do you use most ?

• Subsequently, about half of the respondents use mostly MPesa for payments• A whooping 71% of respondents would prefer to receive money via MPesa, another clear

indication of its popularity. • Could this be the reason banks are striving to implement mobile money services

themselves?


Payment for services – The Preferred means

• More than half of the respondents prefer to pay school fees through checks, but majority prefer to make payments for rent and government services via Mpesa.

MPESA Cash Check Other0%

10%

20%

30%

40%

50%

60%53%

39%

7%

1%

Rent Payment

MPESA Check Payment Card

Cash Wire Transfer-5%

0%

5%

10%

15%

20%

25%

30%

35% 32%

25%21% 20%

1%

Government Services

Check MPESA Cash Not sure

Other0%

10%

20%

30%

40%

50%

60%

51%

27%

17%

3% 3%

School Fees


• However, despite preference for Mpesa in making payments, it is interesting to note that most respondents still prefer Banks for financial services

• Majority of the student respondents prefer Banks – this could be attributed to receipt of student loans

How would you prefer to access financial services ?

At the Bank On mobile phone Online At Agent0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50% 47%

40%

8%5%


• MPesa /Mobile money transfer is the most preferred platform for transactions

• The preference for Mobile money transfers transcends age, gender and the employment status and is preferred by all

• A significant proportion of the employed, self employed and students however prefers to have financial transactions through banks - This could be attributed to the wide range of services and options available

• These preferences are driving banks to have mobile banking options for their customers, which makes transacting easy and only a text message away – Equity bank is in the process of launching special SIM cards to ease mobile money transactions for customers. http://www.businessdailyafrica.com/Corporate-News/Equity-to-issue-mobile-money-customers-with-special-SIM-cards/-/539550/2329906/-/f6qtws/-/index.html

Findings/Conclusions:

http://www.businessdailyafrica.com/Corporate-News/Equity-to-issue-mobile-money-customers-with-special-SIM-cards/-/539550/2329906/-/f6qtws/-/index.html





Contact us:https://[email protected]+254 703 348 440

Engaging the next BILLION consumers through mobile surveys


Money matters

Mobile

Transcript of Money matters