Kenya’s flagship digital mobile money transfer service, M-PESA, has recorded 40 million customers as it marks 19 years since its launch into the market.
M-PESA, which started as a person-to-person transfer service on March 6, 2007, has grown to become a full-fledged digital financial platform for many Kenyans, providing a wide range of services for customers to conduct their day-to-day transactions.
Currently, the platform offers savings and investment services such as Ziidi MMF and Ziidi Trader, credit services such as Fuliza and KCB M-PESA, and business services such as Lipa na M-PESA, Pochi la Biashara, and Global Pay, among many other services for customers to conduct their day-to-day transactions.
M-PESA’s CEO, Peter Ndegwa, said the milestone is a reflection of the commitment to ensure digital financial services are accessible and secure for Kenyans. The fact that the platform has managed to attain 40 million customers is a clear indication of how widespread the platform has been adopted in the country.
“Our goal is to give Kenyans, and Africa at large, digital financial tools to empower them to be more prosperous. Reaching 40 million monthly active customers in Kenya is a milestone we celebrate, as we recommit to enable every Kenyan to transact safely, grow their savings, and build their wealth. To us, every M-PESA transaction tells a story of someone building their future,” said Peter Ndegwa, CEO, Safaricom PLC.
As the platform marks its 19 years since launch, Safaricom has been investing heavily in the platform, improving its security, upgrading its technology, and educating customers on how to use the platform safely.
M-PESA, through its fintech platform, is ensuring more Kenyans are able to access savings and investment services directly from their mobile phones.
The growth of the platform is also a reflection of the growth of mobile financial services in Africa, as many digital platforms are being used to increase access to formal financial services in Africa and other regions globally.
As the platform marks its 19 years since launch, Safaricom is committed to ensuring the platform is improved to make financial services even more accessible for Kenyans.
