Safaricom recently introduced M-Pesa Ratiba to allow M-Pesa registered customers to set up recurring payments from their M-Pesa accounts to other M-Pesa accounts or to a Lipa na M-Pesa shortcode. Think of this like a standing order that you can set up on your bank account for recurring monthly payments.
With M-Pesa Ratiba, you can automate regular payments including rent, utility bills and school fees through Lipa na M-Pesa payments to M-Pesa Buy Goods, Business tills, and Paybills.
With automated payment, you will no longer miss crucial payments.
M-Pesa Ratiba Offers
There are two main types on M-Pesa Ratiba:
- My Subscriptions: This type is pre-authenticated by the customers on bill creation. Transfers will be completed automatically when there are sufficient funds in the M-Pesa wallet.
- My Reminder: An M-Pesa user sets a reminder through the Ratiba mini app. They will have to initiate and complete the transactions manually. You do not get automatic deductions with this.
How M-Pesa Ratiba Works
You can access M-Pesa Ratiba through the Ratiba mini-app on the M-Pesa app or by dialling *334# and choosing option 9. The USSD option only supports automatic payments while you can have both automatic and reminder subscriptions when using the M-Pesa Ratiba mini-app.
With either USSD or the mini-app, you will:
- Opt into the M-Pesa Ratiba service by dialling *334# or on the M-Pesa app, go to ‘Financial services’ and look for M-Pesa Ratiba.
- Create diverse types of recurring payment transactions by defining the transaction type (Paybill / Buy Goods / Send money), amount, due date, time of payment, recurrence (daily, monthly, weekly).
- Confirm the created subscription or bill is ok then save it.
- Use your M-Pesa pin to authenticate and save the details of the created subscription/bill.
M-Pesa Ratiba Benefits
Below are some of the benefits of M-Pesa Ratiba:
- Fairly easy, quick, and transparent set up process.
- Automate as many recurring transfers and payments as you wish, and free up time in your day and space in your lists of obligations to remember.
- Make timely payments and avoid penalties and embarrassments from delinquent payments.
- Service is available from all types of handsets, whether it is a feature or smartphone.
- Incur no penalties for cancelled or failed standing order transfers that may occur due to insufficient balance.
- Set how long the standing order is in place for, and pause/revoke the order, whenever you wish at no extra fee.
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