In this post, we will focus on what is M-PESA GO and everything else you need to know about this product. M-PESA GO is a new financial product for teens and preteens aged 10 to 17 years.
The service seeks to empower parents and guardians to raise a financially healthy generation who are prepared for a cashless world. Juniors under 18 years will be able to transact on M-PESA with their name and mobile number as MPESA Go customers. The account is acquired and linked to their parents or guardians to be able to provide parental guidance. M-PESA Go aims to improve digital money management and financial literacy among young Kenyans.
Services Allowed on M-PESA GO
It will enable users to,
- Send and Receive money
- Lipa Na M-PESA (PAYBILL AND BUY GOODS)
- Buy Airtime and Bundles
- Receive cash from another customer or bank
- Access a customized version of the M-PESA Super App (M-PESA Go App)
Services Restricted on M-PESA GO
To safeguard users, M-PESA Go restricts services such as,
- Withdraw money
- Loans and savings-(KCB M-PESA, Fuliza, Mshwari and other loan app)
- Payment to betting companies
- Payment to political parties
The withdrawing money feature is restricted since one of the requirements is that the customer should be considered to have attained majority age, which is only applicable to persons aged 18 years and above.
How to Register on M-PESA GO
To sign up for M-PESA Go, parents and guardians can self-onboard an already registered SIM card via https://safaricom.com/mpesa-go/onboarding or visit any Safaricom outlet. They will be required to have an active SIM card registered on M-PESA, a valid identification document as well as the child’s birth certificate.
Once registered, the juniors can download and do more with the M-PESA Go App, a customized version of the M-PESA Super App.
The M-PESA Super App is the gateway through which parents and guardians can guide their children’s financial journey, as it contains monitoring and tracking features, and parental control features such as setting transaction limits. They can also control their child’s use of M-PESA through M-PESA USSD code *334#.
The Maximum Limit for an M-PESA GO Account and Transactional Charges
The current M-PESA transactional limits (Daily limit of Kshs 300,000) will apply to minors’ accounts. However, parents will be able to set a maximum limit allowed for each of their minor accounts such as daily, weekly or monthly limits. The current M-PESA charges/tariffs will also apply to the M-PESA GO account.
One of the Mini-Apps available on the M-PESA Super App is Kodris Africa, the provider of Kenya’s first-ever government-approved program for teaching coding.
