The B2B mobile marketplace continues to gather pace as Safaricom ‘s latest B2B payments app hits 50, 000 downloads.
The recent growth in mobile merchant payments prompted Safaricom, East Africa’s largest telecom and mobile money service provider, to focus on growing its B2B product line as it surpassed its P2P business line.
Below are the latest stats according to Safaricom:
M-PESA for Business App downloads hit 50, 000
Lipa Na M-PESA merchants reach 186, 000
24.9 million M-PESA customers – a 12.4% growth from Q4, 2019
Volume of M-PESA transactions up 11.4% YoY
Growth of M-PESA agents at +8.2%
New business growth accounts for 30.4% of total revenue
C2B transactions contribute highest 30.6% to new business growth
12.2% customer growth to 35.6 million subscribers in 2020
There is no doubt that customer to business payments are contributing immensely to the growth of M-PESA and mobile money in Kenya and this trend is only going to growth as digital merchant payments continue to get popular.