[Kenya] Safaricom's M-Pesa revenue hit Ksh 107.69 Billion
Safaricom M-Pesa revenue grew by 30.3% to hit Ksh. 107.69 Billion. This is according to the telco’s Full Year 2021/2022 results released on Thursday.
M-PESA, which marked its 15th anniversary this year also hit the 30 million active customer mark in Kenya. Kenya now remains M-PESA’s most active market accounting for more than 30 million of the service’s 51 million customers across Kenya, Tanzania, the Democratic Republic of Congo, Mozambique, Lesotho, Ghana and Egypt.
The service which has been ranked as Africa’s largest fintech processes more than 61 million transactions a day across the different markets it operates in.
Safaricom also recorded a 63.4% growth of Lipa Na M-PESA merchants to just below 500,000.
M-PESA now has over 3.2 million businesses accepting payments under its portfolio, while the M-PESA business app has about 100,000 active businesses.
In the Financial Year, Safaricom launched intuitive and innovative new products that directly address specific customer pain points. Such as Nyoosha Shillingi, the mobile data new pricing plan that is giving more value to our customers at no extra cost. Halal Pesa the first Shari'ah-compliant based digital financing product in partnership with the Gulf African Bank powered by M-PESA. Customers accessing financing through the service will receive the amount requested in full with a repayment period of 30 days at a 5% commodity Murabaha margin.
Safaricom also plans to launch additional products including Visa virtual card by M-PESA GlobalPay to support international online payments and the M-PESA junior product for children who may have access to mobile phones.
Speaking while releasing the results, Safaricom CEO Peter Ndegwa said the telco plans to accelerate new growth areas in the new Financial Year, delivering superior customer experience in order to be a purpose-led Technology Company by the end of 2025.
Last month, Ethiopia started changing its national payments law to clear the way for Safaricom to introduce M-Pesa in the country.
Safaricom set shop in Ethiopia earlier this year after securing a much-hunted license. While the license allowed the company to compete against state monopoly Ethio Telecom, it couldn’t offer M-Pesa services due to legal limitations.
Safaricom is set to launch commercial operations in Ethiopia within the year.