M-Pesa, Africa’s largest fintech platform, has registered 1.2 million M-Pesa members in Ethiopia since starting the mobile money service two months ago. On Thursday, the telco confirmed this during the release of its 2023/2024 half year results. M-PESA went live in Ethiopia on August 16th, after the National Bank of Ethiopia’s approval of the licence....
Mobile financial services are growing in Africa. According to the Tanzanian communications regulator, 39.5 million Tanzanians made 366 million transactions with a total value of around 12.7 trillion shillings ($5.4 billion) as of September 2022. Telecom operator Vodacom Tanzania announced on Thursday, October 27 that M-Pesa, its mobile financial services platform, has extended its international money...
Safaricom customers will be able to transact with merchants using a Pay Bill solution and also via the Airtel Kenya and Telkom Kenya networks. This opens up opportunities for merchants because customers will not be limited by their networks and thereby boost the adoption and convenience of making cashless payments, Safaricom stated. Boniface Mungania, Tribe...
The uptake of M-Pesa across Kenya has contributed over half of revenue generated by Safaricom. According to its latest annual report, the telco has signed up over three million businesses that use the M-Pesa service to receive and disburse payments. In total there are 30.5 million M-Pesa customers on its network. “Due to its various...
Safaricom, a Kenyan mobile operator company, made an Sh50 billion ($423.8-million) profit before tax from its M-Pesa mobile money service in the year ended in March 2022. According to Business Daily, the performance statement shows that while M-Pesa business contributed 49 percent of the telco’s profit before tax of Sh102.2 billion ($14.7-billion), its revenue of Sh107.7...
Digital transformation has accelerated the adoption of e-commerce platforms in Africa. While the majority of African populations are still unbanked, fintech and mobile payment platforms present themselves as alternatives. The Kenyan telecommunications operator Safaricom and Visa Inc launched, on Thursday June 2, a virtual payment card. The M-Pesa GlobalPay Virtual Visa Card will allow users of M-Pesa,...
A client using mobile money service M-Pesa. Ethiopia’s central bank has drafted a Bill that will allow foreign investors to offer mobile money services, boosting firms such as Safaricom that are seeking to start operations in the country this year. Ethiopia has started changing its national payments law to clear the way for Safaricom to introduce...
Kenya remains M-Pesa’s most active market and accounts for over 30 million of the service’s 51 million customers, according to Safaricom. This customer base has been established across several markets including DRC, Egypt, Ghana, Lesotho, Mozambique and Tanzania. Safaricom added that the growth in M-Pesa customer usage is driven by the launch of various innovations...
In May 2021, Prime Minister Abyi Ahmed excluded new telecom operators from the mobile money segment for one year. Two months before the expiry of this deadline, Safaricom is stamping its feet with impatience. The telecommunications operator Safaricom is preparing the launch of the mobile financial service M-Pesa in Ethiopia, in parallel with the imminent start...
Fintech platform M-Pesa has reached 50 million monthly active customers, according to mobile network operator Vodacom. According to a statement released by the operator, the number of active M-Pesa customers has doubled in the past five years. The latest milestone also comes just 18 months after Safaricom and Vodacom launched the M-Pesa Africa joint venture to...
