Banking for kids

Image sourced from Kansas Discovery. Safaricom, a telecommunications provider in Kenya, confirmed that minors will not get access to loan services like M-Shwari and Fuliza. The Kenyan telco announced on Friday that it is introducing M-PESA Junior Accounts for individuals between the age of 10 and 18 years old. The company said that the minors will have access to the network via SIM cards registered under their guardians or parents. “We plan to soon launch an M-PESA Junior Product for our children who may have access to mobile phones,” Safaricom CEO Peter Ndegwa said. According to Techweez, M-Pesa makes the most money for the company, hence it wants to expand the scope of its M-Pesa services. It recorded a 30.3% YoY growth to KES 107.69 billion ($926.2-million). The total M-PESA transaction...