M-PESA, the widely recognized financial platform, has experienced remarkable growth.
Now, the platform sees over 30 million monthly users in Kenya alone. This mobile money service began in 2007 and now extends beyond Kenya, reaching customers in multiple African countries like Tanzania and Mozambique.
You, as a consumer, can appreciate M-PESA’s commitment to catering to your needs through frequent innovation. The platform provides various financial solutions, including saving mechanisms and loan options through products like M-Shwari.
The service has also broadened its digital reach, enabling you to transact globally with partnerships facilitating seamless international money transfers.
Businesses have significantly embraced M-PESA’s convenience. The uptake of the Lipa an M-PESA payment solution more than doubled recently, signifying a surge in the number of enterprises using this technology for transactions. In 2020, about 173,000 businesses had offered Lipa na Mpesa option, today, that number is close to 400,000
This surge underscores the growing confidence in mobile money as a reliable e-commerce facilitator in the country.
M-pesa Africa
The joint efforts of Safaricom and Vodacom are pushing to scale M-PESA’s services across other markets to match Kenya’s mature ecosystem.
This initiative involves unifying resources and strategies under the umbrella of M-PESA Africa.
M-PESA Africa aims to roll out a full spectrum of services and innovative products accessible through a user-friendly Super App, enhancing your digital financial experience.
M-pesa now sees over 51 million monthly users across the continent.
The current movement towards digitization highlights M-PESA’s role in advancing financial inclusion. This is particularly vital for individuals in rural areas and those at the base of the economic pyramid. M-PESA empowers them with access to banking services, microloans, and a path to participate in economic growth.
In a digital age that values accessibility and convenience, M-PESA continues to stand as a pivotal player in driving financial system evolution. The platform fosters economic stability and facilitates the growth of GDP in Sub-Saharan Africa.
This mobile money platform remains a beacon for unbanked populations, offering an alternative to traditional financial institutions and granting millions the ability to manage earnings, save, and invest with only a mobile phone at their disposal.
