Safaricom’s mobile money platform M-PESA has reached 34 million subscribers, signifying the telco’s commitment to enhancing the financial health and wellness of individuals and businesses across the continent.
Over the years, M-PESA has evolved beyond payments and transactions to a financial ecosystem offering credit, savings, investment solutions, wealth management, insurance solutions and a host of other financial services to meet the evolving needs of customers, enterprises, and the public sector.
With a vast network of over 300,000 agents nationwide, M-PESA ensures that even remote areas have access to financial services, significantly contributing to Kenya’s economic growth.
Additionally, the platform supports over 1.5M micro, small, medium, and large enterprises through its merchant payment options. Most recently, Safaricom acquired an insurance intermediary license and partneredwith various insurance providers to offer comprehensive insurance solutions to its customers via M-PESA.
In October 2024, Safaricom celebrated its 24th anniversary, launching a yearlong celebration leading to its silver jubilee. Launched on the 9th November, the Sambaza Furaha [na] Safaricom Caravan is in its 4th regional tour in Nairobi following a successful run in Rift Valley, Mountain, and Greater Western regions. The Caravan not only brings Christmas cheer and rewards to customers but also solves customer issues contributing to its immense success.
Safaricom’s CEO Dr. Peter Ndegwa expressed his excitement on this achievement, stating, “We are immensely proud to reach 34M M-PESA customers in Kenya. This accomplishment underscores our dedication to delivering frictionless, reliable and secure financial services to our customers. This milestone, a show of great trust by our customers, serves as motivation to keep innovating and delivering value to our customers.”
Through strategic partnerships with other institutions, M-PESA has broadened its reach and enhanced its value proposition. The Daraja platform allows businesses to seamlessly secure integrations of their websites, mobile apps, and point-of-sale systems to M-PESA through Application Programming Interfaces (APIs). This has accelerated innovation, creating a thriving developer community of over 90k and supporting over 40k integrations.
Safaricom continues to innovate and expand its financial services offerings, advancing financial inclusion and transforming the lives of its customers and the community.
In October 2024, M-PESA launched M-PESA Ratiba, a first-of-its-kind mobile money standing order solution. The solution achieved over 1M opt-ins in just a month enabling over 260k transactions. M-PESA Ratiba is an innovative feature that is revolutionizing utility and bill payments, allowing customers to automatically transfer funds from their M-PESA wallets on a weekly, monthly, and yearly to other persons or settle recurring bills or subscriptions.
Safaricom remains committed to driving financial inclusion across the continent. As it advances towards becoming Africa’s leading purpose-driven technology company by 2030, its financial services offerings and innovations will play a crucial role in achieving this vision.
