M-PESA launched on March 6, 2007, as a basic mobile money transfer service built by Safaricom. 19 years later, Safaricom announced today that it has reached 40 million monthly active customers in Kenya.
The service long outgrew its original purpose. Beyond sending money, M-PESA now includes Fuliza, an overdraft feature that lets users complete transactions when their balance falls short; KCB M-PESA, a loan product; Ziidi MMF, a money market fund accessible directly from a phone; and Ziidi Trader for more active investing.
READ: How to Buy and Sell Shares via M-PESA Using Ziidi Trader App
On the business side, Lipa na M-PESA handles merchant payments, Pochi la Biashara is aimed at small informal traders, and Global Pay extends transactions internationally.
The growth of M-PESA tracks closely with Kenya’s broader financial inclusion numbers. In 2006, only 26.7% of Kenyan adults had access to formal financial services.
By 2024, that figure stood at 84.8%. Mobile money is widely credited as the primary driver of that shift, giving people without bank accounts a way to store, send, and borrow money using a basic phone.
Safaricom has over 60 million total customers across Kenya and Ethiopia combined and covers over 99% of Kenya’s population with its network. M-PESA contributed KES 161 billion in revenue in the last financial year, out of Safaricom’s total KES 388 billion.
The company’s estimated total economic contribution for the 12 months through March 2025 was KES 1.1 trillion, or roughly $8.5 billion.
Safaricom is also listed on the Nairobi Securities Exchange and says it supports over 1.13 million jobs directly and indirectly. Its subsidiary, Safaricom Telecommunications Ethiopia, is also active in that market as part of the company’s regional expansion.
