Vodafone Group Plc
07 September 2021
7 September 2021
M-PESA CELEBRATES REACHING 50 MILLION CUSTOMERS
-- Milestone cements M-Pesa as Africa's largest fintech platform
M-Pesa has reached 50 million monthly active customers,
cementing its position as Africa's largest fintech platform.
Launched more than 14 years ago in Kenya, M-Pesa is today
available in Kenya, Tanzania, Mozambique, the Democratic Republic
of Congo, Lesotho, Ghana and Egypt.
The number of active M-Pesa customers has doubled in the past
five years . The milestone also comes just 18 months after
Safaricom and Vodacom launched the M-Pesa Africa joint venture to
accelerate growth of the service across the continent. M-Pesa
Africa has been delivering digital platforms as part of its focus
to be the largest fintech and digital ecosystem across the
M-Pesa became an even more important platform for customers
during the pandemic with transaction volumes increasing 44%
year-on-year in the first quarter of the current financial year.
The number of transactions grew to 4.5 billion in the quarter -
with a total transaction value of EUR63 billion.
Nick Read, CEO of Vodafone Group, said: "M-Pesa has helped
millions of people to access financial services for the first time
and millions more to improve their lives, start businesses and gain
control of their finances. We are still in the early stages of
M-Pesa's development and will continue to invest to capture this
significant opportunity - building value for shareholders."
"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 honour to this achievement,
we are reiterating our commitment and deepening our focus on more
innovations that will further transform the lives of our
customers," said Sitoyo Lopokoiyit, Managing Director - M-Pesa
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
Consequently, the service has largely contributed to the growth
of formal financial inclusion across the continent. In Kenya,
access to financial services and products has increased by around
56% between 2006-2019 driven by the availability of mobile money(1)
. M-Pesa has also been credited with lifting roughly 2% of Kenyan
households out of extreme poverty (2) .
Today M-Pesa is a two sided network that provides a wide variety
of financial services to both businesses and individual customers.
Customers can send and receive money, make and receive business
payments, pay bills, make and receive international money
transfers, save and access credit, all from the convenience of
their mobile phones and wherever they may be in the countries
served, utilising more than 500,000 M-Pesa agents.
In June 2021, the M-Pesa Super App was launched across all its
markets. The M-Pesa Super App introduced one of the service's key
innovations in the form of mini mobile 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 the more than 50 million customers with a modern,
intuitive and secure way to transact on their smartphones.
M-Pesa's second facet focuses on businesses by expanding its
ecosystem to deliver innovative solutions across micro businesses,
SMEs and large businesses.
These include an open API in use by more than 45,000 developers
and 200,000 businesses, the M-Pesa for Business Super App, the
Transacting Till that enables businesses to go beyond receiving
payments to making business payments, and Pochi La Biashara that
enables small businesses to separate their personal and business
funds. Collectively, more than 500,000 businesses transact more
than US$7 billion (EUR5.8 billion) every month on M-Pesa.
Into the future, the service has been investing in new
technologies and partnerships as it seeks to deepen financial
health amongst its customers through products that encourage
savings and lending, wealth management, and insurance. M-Pesa has
equally expanded its partnerships in an aim to boost remittances
which empower customers to send and receive money across more than
200 countries and territories.
Notes to Editors
1. Central Bank of Kenya, Kenya National Bureau of Statistics
and Financial Services Department of Kenya, 2019, 2019 FinAccess
household survey. Available online:
2. Suri, T and Jack, W, 2016, The long-run poverty and gender
impacts of mobile money. Science (online). Available at:
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Vodafone is a leading telecommunications company in Europe and
Africa. Our purpose is to "connect for a better future" enabling an
inclusive and sustainable digital society. Our expertise and scale
gives us a unique opportunity to drive positive change for society.
Our networks keep family, friends, businesses and governments
connected and - as COVID-19 has clearly demonstrated - we play a
vital role in keeping economies running and the functioning of
critical sectors like education and healthcare.
Vodafone is the largest mobile and fixed network operator in
Europe and a leading global IoT connectivity provider. Our M-Pesa
technology platform in Africa enables 50m people to benefit from
access to mobile payments and financial services. We operate mobile
and fixed networks in 21 countries and partner with mobile networks
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(END) Dow Jones Newswires
September 07, 2021 03:15 ET (07:15 GMT)
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