Float
Also known as: agent float, M-PESA float, e-float
Full definition
Float (sometimes e-float) is the electronic balance held by an M-PESA agent, in a special agent till, that they use to buy and sell cash for customers. Every M-PESA agent operates two balances: a cash-in-till physical balance (banknotes) and an e-float electronic balance (M-PESA value at Safaricom).
When a customer walks in to deposit KES 5,000 into M-PESA, the agent takes the physical KES 5,000 into their cash till, and Safaricom transfers KES 5,000 of e-float from the agent's e-float balance into the customer's M-PESA. So the agent's cash goes up, e-float goes down. On a cash-out (customer withdrawal), the reverse happens.
Managing float is the agent's operational headache. Run out of e-float and you cannot serve deposits. Run out of cash and you cannot serve withdrawals. Agents rebalance by depositing physical cash at their nearest bank (which converts to e-float) or drawing cash from the bank (which converts e-float to cash). Safaricom pays agent commissions on both deposit and withdrawal legs, and Kenya's ~200,000+ agents live on those commissions.
Worked example
A rural agent starts the day with KES 30,000 cash and KES 30,000 e-float. By lunchtime she has served 20 deposits (customers put in KES 40,000 cash, her e-float is down to a few thousand). She takes the day's cash to the bank, deposits it, and instantly her e-float refills so she can keep serving deposits.
Verified 2026-09-01. Definitions on paybillke are sourced from Safaricom PLC Annual Report FY2026, the Central Bank of Kenya, the Communications Authority of Kenya, the Kenya Revenue Authority, and the primary operator documentation for each product. How we verify. Report a change.