Mpesa has gone through different phases in its lifetime. From being used as a payment method in informal markets to becoming an official alternative payment channel for banks, the value proposition of using M-Pesa has evolved manifold in the process. This is partly because of how M-PESA was initially designed; it could only be used by agents and retailers who held accounts with specific agents/retailers and had access to their cash balances. This meant that once an agent or retailer closed down, customers would no longer have access to them via M-PESA. This gave rise to several mobile money services that catered specifically to the needs of unbanked communities, who are often excluded from formal financial services. These unbanked communities typically use cash for most transactions, meaning any service that allows them to connect with banks and other formal financial institutions is a godsend for them.
Users need not worry about these details when it comes to withdrawing money from their M-Pesa account though; most transactions occur instantly and whether you’re depositing money or withdrawing funds from your account, you should see the balance reflected instantly too. Withdrawing funds from your M-PESA account is just as easy as depositing funds into yours too; it’ll take some time before your transaction shows up on the bank’s end though (see below). Keeping this in mind, let’s take a look at how long it takes for withdrawals from your M-P
M-PESA Withdrawal Process
To withdraw money from your M-Pesa account, choose a branch of the bank where you want to do your transaction. This can be done through their website or through the M-Pesa app on your phone. Once you’ve chosen a branch, enter the amount of money you want to withdraw and click on “Withdrawal”. You will then be presented with an option to either make a withdrawal request over the phone or complete it online.
How Long Does It Take To Deposit Money Into M-PESA
M-PESA has been available for a long time. In fact, M-Pesa is the first mobile money service of its kind to launch in Kenya back in 2007. As such, it’s had a long and checkered history of trials and tribulations. However, that hasn’t stopped it from being one of the most popular mobile money services for people in the world. It’s used by over 50 million people worldwide and is a big contender with other big players like Paypal and Venmo.
It’s not just digital payments that M-Pesa covers as there are also financial transfers which make up a part of the total transactions made using M-Pesa. For this reason, it could be considered as more than just a digital payment platform; it’s now becoming an institution that provides financial aids to unbanked communities around the world with their mobile phones.
There are two ways to deposit money into your account: you can bring cash into your wallet itself or transfer funds from your bank account which you’ve set up through M-Pesa. If you’re depositing cash into your wallet then you’ll need to go to selected agent/retailers within your trusted circle and pay them for their services with cash before depositing it into your M-Pesa account (see below for more). With regards to transferring funds from your bank account, this will be done instantly from when you request it from any agent/
How Long Does It Take To Withdraw Money From M-PESA?
Depositing money into your M-PESA account is fast, but withdrawing funds from it can take some time. This is because there are two sets of transactions that happen when you withdraw money. The first transaction happens on the branch side of the bank, while the second one happens at the agent side of the M-PESA network.
The first step to withdrawing money from your M-Pesa account will be a withdrawal request being sent to the agent side of the network. This withdrawal request is generated by an APM (Agent Payment Module) and a SWIFT code will also be sent along with it.
Once this request has been processed, it’ll get routed to the appropriate agency and they’ll process it further before sending it onto their branch. It’s important to note here that depending on how many banks you have accounts with, each of these transactions can take between one to four days for processing; in general though, this will only happen once every few weeks or so.
How Fast Is A Mpesa Transaction?
This depends on the speed of the bank. Some banks may take up to 2 days for a transaction to be completed, while other banks may do so instantaneously.
However, you should know that it takes time for your transaction to be completed on the bank’s end.
If you are looking to withdraw money from an M-PESA account, it takes about 5-10 business days to get your money from the bank. If you are looking to deposit money into an M-PESA account, the process takes about 5-10 business days to get the money from your bank account. However, the M-PESA transaction speed is very fast. Withdrawals and deposits happen in seconds.