M-Pesa is a mobile banking service that enables users to save and transfer money using their phones. M-Pesa was developed in Kenya as an alternative method for the country’s populace to gain access to financial services. 

Safaricom, Kenya’s largest mobile phone operator, debuted M-Pesa in 2007. Since 2020, it has been a joint venture between Safaricom and Vodacom, serving the Democratic Republic of the Congo (DRC), Egypt, Ghana, Kenya, Lesotho, Mozambique, and Tanzania.

Financial inclusion, which is primarily aimed at the underbanked or unbanked, is one of the driving forces behind Fintech developments like M-Pesa. 

In the digital banking era, financial inclusion explores solutions for residents who do not have access to banks or who cannot afford the requisite minimum deposits. To make this endeavour a success, multiple sectors must work together to share data and establish a meaningful digital platform.

M-Pesa’s cross-communication strategy is fast gaining traction in Sub-Saharan Africa, where the telecommunications and banking sectors are collaborating to provide mobile banking services for those with limited access to traditional banking.

As such, Forex trading in Kenya has become more broadly accessible to unbanked traders due to the ability to make deposits and withdrawals into their trading accounts using M-Pesa. Here, we show you how to make deposits and withdrawals into your trading accounts using M-Pesa. 

How to make a deposit using M-Pesa

M-Pesa is a virtual banking system that uses a SIM card to deliver transaction services. After inserting the SIM card into the mobile device’s card slot, customers can utilise SMS messages to make payments and transfer money to vendors and family members.

Follow the steps below to make a deposit into trading apps accepting M-Pesa.

1. Choose M-Pesa from the Deposit menu in your Account area. 
2. Choose the trading account you want to fund and the deposit amount, then click Continue.
3. A transaction summary will be presented. To proceed, click Confirm.
4. Your registered M-Pesa mobile phone number will be shown. 
5. Following that, you will receive USSD instructions on your cell phone.
6. To finish the deposit operation, attentively follow the instructions; an SMS will be issued thereafter for your convenience.
7. Your deposit is now complete, and your cash will be credited to your trading account shortly.

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How to make a withdrawal using M-Pesa

Follow the steps below to make a withdrawal from your trading account using M-Pesa:

1. Choose M-Pesa from the Withdrawal section of your trading account. 
2. Choose the trading account from which you want to withdraw funds and the amount you want to withdraw. Continue by clicking the button.
3. The transaction details will be summarised. Enter the verification code that was sent to you via email or SMS, depending on the security level of your Personal Area. Click the Confirm withdrawal button.
4. Your registered M-Pesa mobile phone number will be shown. To proceed, click the Pay button.
5. A final summary page indicates that the withdrawal activity has been completed; your funds will be available in your M-Pesa account shortly.

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People have been engaging in gambling for centuries, and even though the appeal of land-based venues is still strong, more and more individuals turn to online platforms. Due to advanced technologies, online casinos are more attractive than ever, and their offering continues to expand. 

However, some players still prefer the atmosphere of brick-and-mortar establishments. All in all, the gambling industry is going through significant changes, and if you wish to learn more about its current state, continue reading.

The Rise of Online Casinos

The online wagering market is expected to reach $260 billion by 2027, as the popularity of virtual casino games continues to skyrocket. There are many reasons why online casinos threaten to take over the industry, so let’s mention the biggest ones:

Convenience

Playing casino games is an exciting pastime, but not that long ago, people had to put in time and effort only to reach the nearest gambling venue. But thanks to the latest technologies, today’s players can access their favorite titles from the comfort of their homes. 

On top of that, they can do it whenever they want, without having to think about opening and closing times. All they need to do is find a reliable gaming site and have a strong internet connection. 

Mobile-Friendliness

Due to the expansion of mobile tech innovations, players can now also enjoy fun casino games on the go. Nowadays, the majority of online gambling sites modify their platforms to work flawlessly on all sorts of portable devices. Therefore, users can find a wide variety of amazing mobile casinos in South Africa, Nigeria, Kenya, and other parts of the continent. 

Moreover, the majority of operators also have iOS and Android apps that make it even more convenient for users who prefer mobile device gaming. Playing through an app helps punters reach the game they like in seconds, and it keeps all their history synchronized with the desktop version of the given casino. 

Bonuses and Promotions

When it comes to bonus packages and other freebies, online casinos feature options that cannot be seen in land-based venues. The leading gaming platforms treat their members with exciting rewards such as match deposit bonuses, no deposit bonuses, cashback offers, and free spins that are reserved for online slots. 

By claiming a variety of exciting promotions, users get to play much more for their money. On top of that, they are presented with a chance to try out new titles without having to spend any of their cash.

Reasons Why Players Still Love Land-based Venues

Even though online casinos keep attracting new users regularly, there are still many players who cannot get enough of the old-fashioned way of gambling. So let’s mention some of the main reasons behind that:

The Atmosphere

Land-based casinos left a significant mark on today’s culture, and they are still the number one option for players who prefer having a more tactile experience while enjoying their favorite games. For them, there is something special about spending time in a real casino environment. It’s an atmosphere that can hardly be matched by virtual platforms. Such players usually like being exposed to flashy lights and loud noises that are present in the majority of casino interiors. 

The Social Component

Another great reason behind the unceasing popularity of brick-and-mortar establishments lies in the social experience they offer. Each time you visit a land-based venue, you get to interact with other players, and even though there are options to do so in virtual casinos as well, for some people that is simply not the same. 

Besides the chance to meet other like-minded individuals next to a roulette table or in line for an exciting slot machine, traditional casinos usually have bars and restaurants, too. Thanks to that, visitors can socialize and enjoy food and drinks at the same time.

The Blend of Offline and Online Casinos

As the digital age continues to evolve, it leaves no business unchanged. Having that in mind, land-based venues are also making an effort to make use of the latest technologies so they can avoid falling behind. That is why some establishments partnered with successful virtual casinos to expand their offering and keep up with the emerging trends. 

Additionally, traditional casinos are also introducing tech innovations in their own spaces. For instance, some venues have already embraced a variety of web-based payment options, as well as advanced gaming options such as AR, VR, and advanced slot cabinets with a multitude of features.

Although the expansion of online gambling sites is taking over a large chunk of the business that was once dominated by traditional casinos, land-based venues still have a chance to survive. However, they will have to modify the way they do business with the introduction of various tech innovations that will help them keep up with the growth of virtual gaming platforms.

The value of one currency expressed in terms of another currency is known as a currency pair. Trading a currency pair involves purchasing one currency while concurrently selling another in the hopes of making a profit. The quoted currency is sold while the base currency is purchased.

If you’re just starting out in the foreign exchange markets, you’ll want to stick to trading only one or two of the major currency pairings traded in South Africa. Focusing on no more than two main currencies at a time can help you learn the ropes and become a great trader. As your comfort level and self-assurance grow, you’ll be able to expand your trading portfolio.

Read on to learn more about the most popular currency pairs traded in South Africa. 

  1. USD/ZAR

More than half of all trades in the foreign exchange market include the US dollar. When purchasing foreign currency through its international exchanges, governments tend to stock up on the US Dollar due to the strength of the currency.

The South African Rand is a widely used currency throughout the continent of Africa. The volatility of the South African Rand has made it a popular currency for forex trading SA.

  2. USD/EUR

The Euro/U.S. Dollar currency pair is the most actively traded pair in the world, ranking first among the “major” currencies. This duo, which includes the world’s two largest economies, has seen the most swings since the introduction of the Euro in 1999.

More than a third of all Forex trades involve the USD/EUR currency pair. This is due to the size, stability, and openness of the economies of the United States and the European Union.

  3. GBP/USD

One of the first trading pairs, GBP/USD has been around for a long time. The term “The Cable,” which refers to the exchange of British pounds for U.S. dollars, is often used to describe this currency pair.

One reason the US dollar and British pound are known as “The Cable” is that a communications cable laid beneath the Atlantic Ocean is used to coordinate the pair between the New York and London markets. Optical fibre cables and satellites now handle all communications over the Atlantic.

Both the British and American economies contribute to this currency pair’s resilience. Therefore, higher growth rates in the British economy will lead to a stronger Pound in comparison to the US Dollar. In contrast, a stronger U.S. economy will support a higher value of the dollar compared to the British pound.

  4. USD/CHF

Since the Swiss Franc is the last Franc to be printed in Europe, the currency pair USD/CHF is sometimes known as “The Swissie”. Switzerland has traditionally been a politically neutral country and a global financial hub.

The Swiss franc (CHF) is favoured by traders when market volatility is high but is ignored when conditions are calm. That’s why it’s not as actively traded at such periods as some others.

When the Swiss franc strengthens against the US dollar and investment rises, the price of the CHF/USD currency pair falls.