By Nyambura Waithaka
Safaricom’s groundbreaking mobile financial service, M-PESA, today marks 18 years since its launch in March 2007.
Over the past nearly two decades, M-PESA has grown into a global fintech powerhouse, now available in more than 170 countries and serving over 70 million customers.
The service has become a lifeline for millions, with over one million businesses and agents operating across Kenya, Ethiopia, Tanzania, Mozambique, the Democratic Republic of Congo, Lesotho, Ghana, and Egypt.
M-PESA’s Daraja platform, which hosts more than 100,000 developers, supports over 55,000 integrations, enabling seamless financial transactions for individuals and businesses alike.
Today, M-PESA processes close to 100 million transactions daily, with a capacity of 4,000 transactions per second, solidifying its position as Africa’s largest fintech solution.
Its success lies in its accessibility and universal nature, allowing users to perform instant, secure, and reliable financial transactions using just their mobile phones.
Celebrating 18 Years of Impact
To commemorate its 18th anniversary, M-PESA has launched a series of activities across Kenya aimed at engaging stakeholders, including customers, investors, communities, technology partners, employees, regulators, and the media.
The campaign underscores Safaricom’s commitment to providing a worry-free, safe, and secure financial ecosystem for its users.
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Dr. Peter Ndegwa, Safaricom’s CEO, highlighted the transformative impact of M-PESA over the years.
“In the last 18 years, M-PESA has transformed the lives of millions of customers, empowering them with useful and affordable financial services. With increasing smartphone usage across the continent, we are transitioning to become a digital financial services provider, connecting customers and businesses to opportunities and powering their growth through our tech-powered solutions,” he said.
Evolving with Technology
As smartphone adoption and 3G/4G broadband connectivity surge across Africa, M-PESA is evolving into a digital financial services provider.
In 2021, M-PESA Africa launched the M-PESA Super App, which includes the M-PESA Business App, enabling businesses to run virtual storefronts and offer services through M-PESA Mini apps.
The platform’s growth has quadrupled over the past two decades, driving financial inclusion and contributing to national economic development. Safaricom has also introduced the Ziidi Investment platform, which includes the Ziidi Money Market Fund.
The platform has already attracted over one million opt-ins and plans to introduce Shariah-compliant investment options to help customers grow their wealth.
Scaling for the Future
Esther Waititu, Safaricom’s Chief Financial Services Officer, emphasized the company’s focus on scaling the M-PESA platform to support additional digital services, accelerate product development, and enhance stability and reliability.
“M-PESA’s future success will be based on its ease of use and seamless integration with other services and products, offering customers a comprehensive suite of financial services at their fingertips. M-PESA represents the future of mobile financial services across the continent,” she stated.
As M-PESA continues to innovate and expand its offerings, it remains committed to celebrating many more milestones with its customers and stakeholders in the years to come.
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