Once Again, M-PESA Tops Safaricom’s Service Revenues Over Voice At 38.3 Percent

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Safaricom CEO Peter Ndegwa

Safaricom FY 2022 Financial Results ended March 2022 are here.

The carrier has shed light on how its flagship mobile money product M-PESA performed, following the lifting of the free under KES 1000 transfers that was introduced by the CBK at the height of the pandemic. The market has also been generally favourable for the product following the opening up of the economy by President Kenyatta towards the end of 2021.

Safaricom has also since celebrated its 15th birthday, after it was launched back in 2007. It has also grown to include many other products, including a loan and savings product (M-Shwari in partnership with NCBA, as well as KCB M-Pesa in partnership with KCB), overdraft facility Fuliza in partnership with NCBA and KCB that has proved lucrative for the companies, Lipa na M-PESA, M-PESA Global, and additional partnerships with the likes of Ali Baba, to mention a few.


According to the results, M-PESA did not perform very well in the previous year thanks to the pangs of the pandemic. However, the drops were recovered in the just elapsed financial year.


Here are the details of how M-PESA performed:

  1. It recorded a 30.3% YoY growth to KES 107.69 billion. This was supported by the aforementioned resumption to charging of previously zero-rated transactions beginning January 2021.
  2. One-month active M-PESA ARPU rose 18.9% YoY to KES 305.37 while chargeable transactions per month per customer grew 16.6% YoY to 20.25 transactions.
  3. One-month active M-PESA customers crossed the 30 million mark in the year growing 7.8% YoY to 30.53 million.
  4. Total M-PESA transaction value grew 34.0% YoY to KES 29.55 trillion while the volume of transactions grew 34.9% YoY to 15.75 billion.
  5. M-PESA wallet to bank and bank to M-PESA wallet transactions accounted for 18.9% of the total value of M-PESA transactions and 3.2% of total volumes.
  6. M-PESA is now the biggest revenue contributor accounting for 38.3% of service revenue while voice contributed 29.6% in FY22.
  7. The M-PESA super app has been downloaded more than 5.3 million times. It has more than 1 million daily active users.
  8. The M-PESA business app has been downloaded more than 462K.

“Through innovation, we continue to enhance the digital lifestyle of our customers through the M-PESA Super APP which is powering consumer digital lifestyles. In addition, we continue to leverage on our long track record of technological innovation to promote financial inclusion and drive enhanced access to opportunities for our customers,’ says CEO Peter Ndegwa.


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Kenn Abuya is a friend of technology, with bias in enterprise and mobile tech. Share your thoughts, tips and hate mail at [email protected]