M-Pesa agents to buy ‘float’ from machines

Friday, December 22, 2017 — updated on December 11, 2020 - 1 min read

Stanbic Bank along Kimathi Street on December 13, 2014. The bank has introduced an automated, self-service float purchase platform for M-Pesa agents, easing cash management for the mobile money operators. FILE PHOTO | NMG

By Lynet Igadwah

Correspondent

Nation Media Group

Stanbic Bank has introduced an automated, self-service float purchase platform for M-Pesa agents, easing cash management for the mobile money operators.

M-Pesa agents will make purchases of up to Sh400,000 at selected branches where cash deposit machines were recently installed.

M-Pesa agents currently have to go to either KCB or CBA banks to purchase float.

“M-Pesa agents will purchase float of any amount between Sh5,000 to Sh400,000 per transaction using the platform,” said Stanbic Bank Friday in a statement.

Among the selected digital branches where the service will be available initially are the Kenyatta Avenue and the ILH branches.

No human interaction

The cash deposit machines allow customers to make real-time cash deposits without the need for human interaction.

Commission charged per transaction will be at 0.05 per cent of the amount, with a minimum charge of Sh50 per transaction.

To purchase float, an M-Pesa agent will need to key in the account number, their mobile phone number and agent number as the deposit reference.

The next step on the Safaricom Float Purchase is for the depositor to enter name and confirm details before placing the cash to the machine and pressing the count button.

A receipt is churned out upon completion of the transaction.