Safaricom’s leading mobile money platform, M-PESA, gained over 500,000 new users between October and November 2024, bringing its total user base to 34 million in Kenya alone. This represents a 1.5% increase from the 33.5 million active users reported in September 2024.
“We are immensely proud to reach 34 million M-PESA customers in Kenya. This accomplishment underscores our dedication to deliver frictionless, always on, and secure financial services to our customers,” said Safaricom CEO Peter Ndegwa.
“This milestone, a show of great trust by our customers, serves as a motivation to keep innovating and delivering value to our customers.”
Safaricom attributed the rise in M-PESA subscribers to 34 million to the contributions of over 90,000 developers, increasing from 61,000 announced in May 2024, as reported by BitKE, who have enabled more than 40,000 integrations on the platform.
[TECH] MILESTONE | The M-PESA Ecosystem Draws Over 60,000 Software Developers: M-PESA, the fintech platform operated by Kenyan telco, saw KES 40.2 trillion ($305.8 billion) worth of transaction value flowing.. https://t.co/A37cLliaHz via @BitcoinKE
— Top Kenyan Blogs (@Blogs_Kenya) May 17, 2024
Partnerships utilizing APIs, such as the Daraja platform, have allowed Safaricom’s M-PESA to expand its integration with Point-of-Sale (POS) systems, websites, and mobile apps. This contributed to a 1.5% increase in customers between October and Novembe 2024.
Most banks, such as Kenya Commercial Bank (KCB) and NCBA, have integrated M-PESA into business systems. Furthermore, M-PESA’s APIs have facilitated integration with significant African fintech institutions like Flutterwave and KopoKopo.
[TECH] MILESTONE | Safaricom Becomes First Company to Hit $1 Billion in East Africa with M-PESA Contributing Over 40% Revenue: Kenyan telco, Safaricom, has surpassed the billion-dollar threshold in earnings,.. https://t.co/HNLqt9AAu0 via @BitcoinKE
— Top Kenyan Blogs (@Blogs_Kenya) May 11, 2024
M-PESA is targeting 100,000 developers to be using the platform by 2025.
Safaricom has continued to roll out financial products linked to M-PESA, to add on to the likes of Pochi La Biashara which was unveiled in the previous financial year (2023/2024).
In October 2024, the telco introduced M-PESA Ratiba, a mobile money standing order solution, to enhance the value of its services. Within a month, the feature attracted over one million opt-ins and facilitated more than 260,000 transactions.
M-PESA Ratiba enables customers to automate fund transfers from their M-PESA wallets on a weekly, monthly, or yearly basis, either to other individuals or to settle recurring bills and subscriptions. This solution enhances financial management by helping users stay organized and avoid being overwhelmed by financial obligations.
According to reports, Safaricom has launched an aggressive campaign to reinforce its market position following data from the Communications Authority of Kenya (CA), which revealed a decline in M-PESA’s market share from 97.1% to 93.4%.
Rival Airtel Money’s market share rose to 6.6% from 2.8% in the same period.
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