On Thursday, Safaricom, a leading telecommunications company in Kenya, announced that its revolutionary mobile money service, M-PESA, had achieved a significant milestone, reaching 34 million customers as of November. This achievement highlights Safaricom’s ongoing commitment to enhancing financial inclusion and prosperity across Africa.
CEO’s Statement on the Achievement
“We are incredibly proud to have 34 million M-PESA customers in Kenya. This accomplishment is a testament to our unwavering commitment to delivering seamless, reliable, and secure banking services to our users. The trust our customers have placed in us motivates us to continue innovating and adding value to their lives,” said Dr. Peter Ndegwa, CEO of Safaricom.
M-PESA: From Humble Beginnings to a Financial Ecosystem
Launched in March 2007, M-PESA started as a simple payment and transaction platform. Over the years, it has transformed into a comprehensive financial ecosystem, offering a broad range of services:
- Credit and Savings: Empowering users to manage their finances effectively.
- Investment Options: Providing tools for wealth creation.
- Insurance Solutions: Covering diverse needs, from health to property.
- Wealth Management: Catering to long-term financial planning.
As M-PESA approaches its 18th anniversary in March 2025, its evolution continues to set benchmarks for mobile banking innovation globally.
Driving Economic Growth in Kenya
M-PESA’s impact extends beyond individual users. With a robust network of over 300,000 agents, the service has bridged financial gaps in remote areas, significantly contributing to Kenya’s economic growth.
The platform’s merchant payment solutions have also been transformative, supporting approximately 1.5 million businesses, ranging from micro-enterprises to large corporations. This accessibility to secure and reliable financial services has enabled businesses to thrive and expand.
Expanding Horizons with Insurance Solutions
In a recent development, Safaricom obtained an insurance intermediary license. This enables the company to collaborate with various insurance providers to deliver a wide range of insurance solutions through the M-PESA platform. This strategic move aligns with Safaricom’s mission to provide holistic financial services tailored to customer needs.
A Future of Continued Innovation
M-PESA’s journey from a mobile payment tool to a multifaceted financial platform underscores Safaricom’s dedication to innovation and financial inclusion. With 34 million customers and counting, M-PESA remains a vital driver of economic growth and a model for financial technology advancements across Africa.
