Safaricom’s mobile money platform M-PESA has achieved a new milestone, reaching 34 million subscribers in Kenya. The platform, which will celebrate its 18th anniversary in March next year, has transformed from a simple mobile payment service to a robust financial solution offering credit, savings, investments, and insurance.
“We are immensely proud to reach 34 million M-PESA customers in Kenya,” said Safaricom CEO Dr. Peter Ndegwa. “This accomplishment underscores our dedication to deliver frictionless, always on and secure financial services to our customers.”
The platform’s extensive reach is supported by a network of over 300,000 agents nationwide, ensuring financial services are accessible even in remote areas. M-PESA now supports more than 1.5 million businesses through merchant payment options and has recently acquired an insurance intermediary license to offer comprehensive insurance solutions.
Recent innovations serve as evidence of the platform’s continued evolution. In October, M-PESA launched M-PESA Ratiba, a new mobile money standing order solution. Within just one month, the feature attracted over 1 million opt-ins and facilitated more than 260,000 transactions. This tool allows customers to automatically transfer funds or settle recurring bills on a weekly, monthly, or yearly basis.
The platform has also developed the Daraja platform, which enables businesses to integrate M-PESA services into their websites, mobile apps, and point-of-sale systems through APIs. This has cultivated a huge developer community of over 90,000, supporting more than 40,000 integrations.
Beyond these innovations, the mobile money service has driven financial inclusion in Kenya from 26.7% in 2006 to 83.7% in 2021, dramatically expanding economic opportunities for millions of Kenyans.
The ongoing Sambaza Furaha na Safaricom Caravan, currently on its fourth regional tour, further demonstrates how the network operator has taken the extra step to engage its customers, bringing rewards and solving their issues across different regions of Kenya.
As part of Safaricom’s strategic vision to become Africa’s leading purpose-led technology company by 2030, the M-PESA platform plays a crucial role in this strategy, changing how Kenyans manage their finances and access economic opportunities.
