Africa—M-Pesa, a mobile phone-based money transfer service, payments, and micro-financing services, launched in 2007 by Vodaphone Group plc. and Safaricom, the largest mobile operator in Kenya, has reached 50 million monthly active customers strengthening its position as Africa’s largest fintech.
The milestone comes just 18 months after Safaricom and Vodaphone launched the M-Pesa Africa joint Venture to accelerate the growth of the service across the continent. M-Pesa Africa has equally been striving to deliver digital platforms as part of its focus to be the largest fintech and digital ecosystem across the continent.
“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 honor to this achievement, we are reiterating our commitment and deepening our focus on more innovations that will further transform the lives of our customers” Reasoned MD-M-Pesa Africa, Sitoyo Lopokoiyit.
In 2007, Safaricom and Vodafone launched M-Pesa in Kenya as a way for customers to instantly send money to each other. For many customers, the service became their first and often only access to financial services propelling its fast growth and adoption across the country.
The service has largely contributed to the growth of formal financial inclusion across the continent which has shot to 55%.
In June 2021, M-Pesa began rolling out the M-Pesa Super App across all its markets.
The M-Pesa Super App introduced one of the services key innovations in the form of Mini-Apps which enable customers and businesses to accomplish day-to-day tasks from shopping to accessing government services without having to download different apps for each task.
In addition, the M-Pesa Super App provides more than 50 million customers with a modern, intuitive and secure way to transact on their smartphones.
M-Pesa’s second facet focuses on business by expanding its ecosystem to deliver innovative solutions across micro businesses, SMEs, and large businesses.