M-Pesa, Safaricom’s (NSE: SCOM) mobile financial service, marks its 18th anniversary since its launch in March 2007.
Over the years, M-Pesa has expanded to serve more than 70 million customers across 170 countries, solidifying its position as Africa’s largest fintech solution.
Unparalleled Growth and Reach
M-Pesa has grown into a financial powerhouse, supporting over one million businesses and agents in Kenya, Ethiopia, Tanzania, Mozambique, the Democratic Republic of Congo, Lesotho, Ghana, and Egypt.
Its Daraja platform now facilitates more than 55,000 integrations and serves a community of over 100,000 developers.
The platform, with a current transaction capacity of 4,000 transactions per second, processes nearly 100 million transactions daily.
This success is attributed to M-Pesa’s accessibility and reliability, enabling millions to conduct instant, secure, and efficient financial transactions via mobile phones.
Celebrating 18 Years with Stakeholders
To commemorate this milestone, M-Pesa has launched a nationwide engagement campaign involving key ecosystem stakeholders, including customers, investors, communities, technology partners, employees, regulators, and the media.
The initiative aims to reaffirm Safaricom’s commitment to providing a secure and seamless financial ecosystem.
“In the last 18 years, M-Pesa has transformed the lives of millions, offering useful and affordable financial services. With increasing smartphone adoption across the continent, we are evolving into a digital financial services provider, connecting customers and businesses to opportunities through tech-powered solutions,” stated Dr. Peter Ndegwa, CEO of Safaricom.
Evolution into Digital Financial Services
With a growing shift towards smartphones, 3G, and 4G broadband, M-Pesa continues to innovate.
In 2021, M-Pesa Africa introduced the M-Pesa Super App alongside the M-Pesa Business App, allowing businesses to operate virtual storefronts through M-Pesa Mini Apps.
Over nearly two decades, M-Pesa has significantly contributed to financial inclusion, propelling economic development in its markets.
To further enhance financial services, Safaricom has introduced the Ziidi Investment platform, including the Ziidi Money Market Fund. With over one million opt-ins, the platform is set to introduce Shariah-compliant investment options, offering customers an easy, fast, and intelligent way to grow their wealth.
Future of M-PESA
According to Esther Waititu, Safaricom’s Chief Financial Services Officer, the company is scaling up M-Pesa to support additional digital services, facilitate faster product development, and enhance stability and reliability.
“M-Pesa’s future success will hinge on its ease of use and seamless integration with other services. Our goal is to provide customers with a comprehensive suite of financial services at their fingertips. M-Pesa represents the future of mobile financial services across the continent,” she affirmed.
As M-Pesa continues to innovate and expand its offerings, it looks forward to many more years of serving customers and driving financial inclusion.
About Safaricom
Safaricom is East Africa’s leading telecommunications provider, dedicated to transforming lives by connecting people, businesses, and opportunities.
The company serves over 45.9 million customers and contributes to over 1.1 million jobs, with an estimated economic impact of KSh 542 billion ($4.2 billion) for the 12 months ending March 2023.
Listed on the Nairobi Securities Exchange, Safaricom reported annual revenues of KSh 335.4 billion as of March 2024.
The company offers connectivity through 2G, 3G, 4G, and 5G, covering over 99% of Kenya’s population.
M-Pesa, the world’s largest mobile payment system and Africa’s leading fintech solution, has played a pivotal role in Kenya’s financial inclusion, increasing penetration from 26.7% in 2006 to 83.7% of the adult population in 2021.
By FY24, M-Pesa had generated KSh 139.9 billion in revenue.
Safaricom Telecommunications Ethiopia continues to expand digital transformation initiatives in the region.
Committed to diversity and sustainability, the company aims for a 50:50 gender balance in senior management by 2025 and is working towards becoming a Net Zero carbon-emitting entity by 2050.
