M-PESA Africa recently marked its 17th year in operation, celebrating a journey that began in 2007 as a mobile money service in Kenya. It has since grown into Africa’s leading all-in-one fintech platform, boasting over 51 million customers.
Since its establishment, M-PESA has expanded and currently operates in seven African countries, including Kenya, Tanzania, Mozambique, DR Congo, Lesotho, Ethiopia, and Ghana.
M-PESA has further established a substantial network of merchants, with over 970,000 registered across its operational countries. It additionally has 465,000 businesses, 600,000 agents, and 42,000 developers.
In terms of transaction volume, M-PESA facilitates over $1 billion in transactions on a daily basis, with an average of approximately 150 million transactions processed daily.
In 2023, M-PESA processed a staggering 26 billion transactions, equivalent to three times Kenya’s GDP. With the Central Bank of Kenya tripling daily transaction limits to Sh500, 000, M-PESA continues to pave the way for financial inclusion and economic empowerment across Africa.
Furthermore, M-PESA has significantly contributed to cross-border transactions, facilitating approximately $4 billion in annual transactions. It has enabled international remittances and financial transfers, facilitating economic activities beyond national borders.
M-PESA has also played a crucial role in providing financial services to underserved communities, disbursing an impressive $6 billion in annual credit.
Originally launched in Kenya in 2007, M-PESA began as a joint venture between Safaricom and the Commercial Bank of Africa (CBA). Its primary objective was to address the needs of the unbanked population by providing a mobile money transfer service.
M-PESA has played a pivotal role in driving financial inclusion in underserved regions by offering affordable, simplified, and accessible financial services.
Its mobile-based platform, user-friendly interface, enhanced security, and partnerships with traditional banks have facilitated this endeavor. Individuals without bank accounts can now receive money directly into their M-PESA wallets, enabling them to pay bills, save, and access other financial services.
For instance, M-Pesa introduced convenient features such as mpesa paypal integration. This has enabled users to link their M-Pesa accounts with their Paypal accounts for seamless transactions between the two platforms
M-PESA has played a pivotal role in fostering empowerment among individuals and small businesses through various avenues. It has provided a secure platform for the storage and transfer of money. Individuals can therefore securely manage their funds and execute transactions without relying on a physical bank account.
M-PESA has also facilitated access to essential banking services such as savings and credit. Moreover, by enabling active participation in the economy, M-PESA has contributed to improving livelihoods and overall financial well-being.
For example, Safaricom’s share price closed at 15.20 KES per share on March 15, 2024, marking a 1.3% increase from its previous closing price of 15.00 KES.
For small businesses, M-PESA has increased productivity by facilitating efficient payment transactions. It has improved business operations by overcoming challenges related to limited access to formal banking services. This is in addition to increasing income generation opportunities.
Safaricom customers seeking assistance regarding their mpesa services can visit a Safaricom shop near them or dial 100 for PrePay customers. They can also contact the safaricom customer care number at 0722000000.
When it comes to safaricom home fiber packages, the company offers a variety of options to cater to different needs and preferences. These packages include Bronze, Silver, Gold, and Diamond tiers, each offering varying speeds and pricing. Customers can pay for these packages every 30 days in advance, and the service will be suspended if payments are not made.
The mpesa transaction charges in Kenya vary based on factors such as the amount being transferred and whether the user is registered. For instance, sending money to registered users incurs a fee of 30% of the transaction value for amounts over Ksh 100. Sending money to unregistered users, however, results in a charge of 66% of the transaction value.
Additionally, mpesa withdrawal charges from an mpesa agent involve fees of up to 20% of the transaction amount, with a minimum charge of 0.47%. Registered users withdrawing the same amount face a fixed fee of Ksh 309, while unregistered customers are charged Ksh 308 for the same transaction.
