Safaricom mobile money service, M-pesa has recorded 30 million monthly active users in what the telco attributes to growth in business payment option, Lipa Na M-pesa.
In the half-year period ending September 30, 2021, the platform had an active monthly user base of 26.8 million with transactions valued at Kshs. 13.7 trillion.
Chief Executive Officer Peter Ndegwa says the last two years have seen M-pesa record sharp growth in business usage with the number of businesses accepting payments on Lipa Na M-pesa service doubling to 387,000 currently from 173,000 in April 2020.
“M-PESA’s success has been achieved on the back of consistent focus on the needs of our customers by ensuring that we are constantly delivering innovations that add value to their lives. We thank all our customers for getting us to the 30 million monthly active customers milestone. As the country goes digital with growing smartphone usage, we are committing to continue exploring and delivering life-changing innovations in a digital world” said Ndegwa.
The milestone is also attributed to the financial service innovations like M-Shwari, KCB M-pesa and Fuliza as well as PayPal, AliExpress and Western Union partnerships which have accelerated global transactions such as sending and receiving money and making payments on the platform.
Safaricom says Kenya remains M-pesa most active market accounting for more than 30 million of the service’s 51 million customers across Kenya, Tanzania, the Democratic Republic of Congo, Mozambique, Lesotho, Ghana and Egypt.
According to Ndegwa, Safaricom and Vodacom are now focusing on expanding the mobile money juggernaut in other markets and replicating the success witnessed in Kenya.
Last April, the two telcos announced the launch of M-pesa Africa in order to consolidate M-pesa resources, strategy and roadmap across the continent.
M-PESA Africa is investing in a common platform that will empower all markets to offer M-PESA’s entire range of services and products.
It has also invested in an M-PESA Super App both for customers and for businesses, with the customer app available in Kenya, Tanzania, Mozambique and the Democratic Republic of Congo. In addition, M-PESA Africa is looking at growing continental and global partnerships with other financial service providers to introduce new International Money Transfer solutions, the firm said.