M-Pesa has achieved 50 million monthly active users, positioning it as Africa’s largest fintech.
Launched 14 years ago, the mobile money service provider is now available in Kenya, Egypt, Lesotho, Ghana, DRC, Mozambique, and Tanzania.
M-Pesa Africa Managing Director Sitoyo Lopokoiyit reiterated their commitment to more innovations that will transform the lives of their customers.
The milestone comes just 18 months after Safaricom and Vodacom launched the M-PESA Africa Joint Venture to accelerate the growth of the service across the continent.
M-PESA Africa has equally been striving to deliver digital platforms as part of its focus to be the largest fintech and digital ecosystem across the continent.
Lopokoiyit said Safaricom spends upwards of Ksh.4 billion in the maintenance of M-Pesa annually during the official launch M-Pesa App in June this year.
The application allows customers to send money to more than one recipient at a go and can be used while on offline mode.
Additionally, the digitization of the M-Pesa function into an app will allow foreigners to pair their credit cards such as Visa and Mastercards to M-Pesa and to transact while in the country.
We have added security measures without sacrificing convenience. You can now choose how you wish to unlock the app either through your pin, facial recognition, or your fingerprint.Sitoyo added.
Safaricom and Vodafone launched M-PESA in Kenya as a way for customers to instantly send money to each other in 2007.
For most customers, the service became their first and often only access to financial services propelling its fast growth and adoption across the country.
Subsequently, the service has largely contributed to the growth of formal financial inclusion across the continent which has gone up by 55 percent.
M-PESA’s second facet focuses on businesses by expanding its ecosystem to deliver innovative solutions across micro-businesses and Small and Medium Enterprises (SMEs).
And large businesses.
They include an open API in use by more than 45,000 developers and 200,000 businesses, the M-PESA for Business Super App.
The Transacting Till and Pochi La Biashara.
Pochi la biashara enables small businesses to separate their personal and business funds.
Collectively, more than 500,000 businesses transact more than $7 billion every month on M-PESA.