money matters
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https://msurvey.co.ke | team@msurvey.co.ke | +254 703 348 440Copyright © 2014, mSurvey
Engaging the next BILLION consumers through mobile surveys
https://msurvey.co.ke | team@msurvey.co.ke | +254 703 348 440
MONEY MATTERS
Copyright © 2014, mSurvey
https://msurvey.co.ke | team@msurvey.co.ke | +254 703 348 440Copyright © 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?
https://msurvey.co.ke | team@msurvey.co.ke | +254 703 348 440Copyright © 2014, mSurvey
• 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
https://msurvey.co.ke | team@msurvey.co.ke | +254 703 348 440Copyright © 2014, mSurvey
• 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%
https://msurvey.co.ke | team@msurvey.co.ke | +254 703 348 440Copyright © 2014, mSurvey
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?
https://msurvey.co.ke | team@msurvey.co.ke | +254 703 348 440Copyright © 2014, mSurvey
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
https://msurvey.co.ke | team@msurvey.co.ke | +254 703 348 440Copyright © 2014, mSurvey
• 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%
https://msurvey.co.ke | team@msurvey.co.ke | +254 703 348 440Copyright © 2014, mSurvey
• 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:
https://msurvey.co.ke | team@msurvey.co.ke | +254 703 348 440Copyright © 2014, mSurvey
Contact us:https://msurvey.co.keteam@msurvey.co.ke+254 703 348 440
Engaging the next BILLION consumers through mobile surveys
https://msurvey.co.ke | team@msurvey.co.ke | +254 703 348 440Copyright © 2014, mSurvey
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