M-Pesa, the mobile money platform of Safaricom has officially reached 50 million active users across Africa. This makes it the most popular mobile money platform in the continent, and Africa’s largest fintech, according to Business Insider Africa.
Launched in 2007, the Kenya invented company has expanded its partnerships with an aim to boost remittances which empower customers to send and receive money across more than 200 countries and territories.
M-PESA with the majority of its users in Kenya has also been exported to other countries like Tanzania, Mozambique, DRC, Lesotho, Ghana, and Egypt. The platform has also been instrumental in the growth of formal financial inclusion in Africa
M-Pesa provides many financial services to both individuals and businesses. Customers can send and receive cash, make bull payments and receive funds from people in other parts of the world. Businesses can also process payments using its platform.
More than 500,000 businesses transact more than $7-billion every month through M-PESA, Safaricom says. The company also says it has more than 500,000 M-PESA agents supporting the platform and its services.
What they are saying
Sitoyo Lopokoiyit, MD, M-PESA Africa said, “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,”