M-Pesa, the world’s most popular mobile money service, revealed today that it now has 50 million monthly active users, cementing its position as Africa’s largest fintech. M-Pesa, which began in Kenya more than 14 years ago, is now available in Kenya, Tanzania, Mozambique, the Democratic Republic of the Congo, Lesotho, Ghana, and Egypt.
The achievement comes only 18 months after Safaricom and Vodacom created the M-Pesa Africa Joint Venture to help the service expand across Africa. M-Pesa Africa has also been working hard to develop digital platforms as part of its goal to become Africa’s largest fintech and digital ecosystem.
“14 years ago, we launched M-Pesa to connect our customers to each other and to different opportunities. We are delighted to celebrate this remarkable milestone with our more than 50 million customers across the continent. As an honour to this achievement, we are reiterating our commitment and deepening our focus on more innovations that will further transform the lives of our customers,” said Sitoyo Lopokoiyit, MD – M-Pesa Africa.
M-Pesa was established in Kenya by Safaricom and Vodafone in 2007 as a mechanism for customers to transmit money to each other instantaneously. The program provided their first and often only access to financial services for many clients, resulting in rapid expansion and adoption across the country.
As a result, the service has played a significant role in the continent’s formal financial inclusion, which has increased by up to 55 percent.
M-Pesa has evolved into a two-sided network that offers a wide range of financial services to both businesses and individuals. Customers can send and receive money, make and receive business payments, pay bills, send and receive international money transfers, save and access credit all from the convenience of their mobile phones, wherever they are in the nations served by over 500,000 agents.
M-Pesa began rolling out the M-Pesa Super App throughout all of its markets in June 2021.
The M-Pesa Super App launched Mini-Apps, which allow customers and companies to complete daily chores such as shopping and accessing government services without having to download multiple apps.
Furthermore, the M-Pesa Super App offers over 50 million clients a modern, easy, and safe way to transact on their cellphones.
M-Pesa’s second side focuses on companies, with the company expanding its ecosystem to provide creative solutions to micro, small, and large businesses.
The M-Pesa for Business Super App, the Transacting Till, which allows businesses to go beyond accepting payments to making company payments, and Pochi La Biashara, which allows small enterprises to divide their personal and business funds, are among them. M-Pesa is used by over 500,000 enterprises to trade over $7 billion in monthly transactions.