Safaricom revealed last week M-PESA users can now make instant mobile banking transactions thanks to a system upgrade to the service's API, the telecom said in a press release.

The upgrade resulted in a transaction time reduction from an average of two hours to less than 30 seconds, according to the release. 

"Innovation is a continuous process at Safaricom, and that is why we have been seeking ways to deliver services to customers with speed and efficiency," Safaricom CEO Bob Collymore said in a statement. "Twelve leading banks and 26 SACCOs have already migrated to the new platform and migration is on-going for 30 other institutions."

The new platform also will help streamline operations for businesses which disburse staff salaries through M-Pesa, as well as for those businesses that receive payments through M-PESA and require them to move cash to their bank accounts on a regular basis.