MUST READ! Mpesa Scam Every MPesa Agent Should Be Aware Of ( Currency Swap Tactic ) – Part 1

If you’re a m-pesa agent, sooner or later you will come across a customer who refuses to cash their money. This happens because of the current banking environment and the inability of people to trust banks again. You cannot blame them because they do not trust banks anymore, that is why they prefer keeping their money in cash rather than cashing it in at an official bank that charges hefty fees for doing so.
However, there are still some people who are willing and able to cash their money in; these people fall under the category of M-PESA agents who have access to cash through ATMs or at M-PESA agents’ offices. They do not need an official bank account nor any formalities from the customer so as long as they have address proof, ID and phone number, they can start cashing customers’ money immediately. We will call these type of customers as Cash Friendly customers henceforth.

What are M-PESA Scam Trying to Do?

M-PESA scammers are trying to convince Cash Friendly customers that they can take their money to an agent’s office or agency ATM, where they will get cash after a small fee. The scammer tells the customer that the agent owns their money and it cannot be taken away by banks. To demonstrate proof of ownership, the scammer shows a receipt representing how much was taken out by the agent as well as a claim number.
This is absolutely not true! The bank owns your money, not MPesa agents or M-PESA agents. NEVER believe anything these scammers tell you; they don’t have your interests in mind at all!

How To Recognise Mpesa Scam?

So how do you recognise a mpesa scam? Well, one way is to simply observe the agent’s behavior and the customer’s behavior. If the agent seems too happy about their transaction, it is quite likely that they are up to something.
Another thing to watch out for is customers who insist on receiving cash immediately. If this happens, it could be a sign of a scam in which the M-PESA agent claims that they cannot accept phone credit cards or any other form of plastic card payment because their ATM machines are not working. In order for them to help you out, they will ask you to go down the street and make a deposit at another bank or exchange your money at another agent’s office.
In other words, if you see anything suspicious with an M-PESA agent or your transaction, never consider it legitimate because there might be something fishy going on.

If You Are A Cash Friendly Customer, Be Careful!

There are some cautionary measures you should be taking as a Cash Friendly customer just in case.
1) Make sure you only cash your money at M-PESA agents’ offices or ATMs that have the sign of an m-pesa agent so that you don’t end up cashing your money at an ATM operated by a private company (read: scam).
2) If you are asked to deposit your cash into their bank account, make sure you ask for a receipt before depositing and make sure to cancel the transaction if they cannot stop it.
3) If they insist on depositing your cash into their bank account, insist on being notified of the receipt once deposited in their bank account.
4) Be careful because sometimes, m-pesa agents might ask for additional fees for handing over cash to them and these fees might be deducted from the total amount of money that is cashed out.

Proof of identity and address

A good number of M-PESA agents are turning down customers who want to cash their money because they cannot prove their identity and address. This is understandable because the customer might not be a local resident or may not have any form of ID and/or addresses. In such cases, the agent needs to refer this customer to an official bank for verification.


MPesa is a successful mobile wallet service in Kenya that was introduced in 2007. It has contributed to the country’s financial inclusion and technological leap. However, alongside the success comes the risk of scams.
You’ve heard of the infamous Mpesa scam and how it can lure you in to a trap with fake transactions. But what if you are a regular Mpesa customer? You might not be aware of this scam and find yourself losing money. At this point, the MPesa scam is more sophisticated but not impossible to avoid.

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