Safaricom’s flagship mobile money platform, M-PESA, has reached a new milestone, crossing 34 million subscribers as of November 2024 as the platform continues to evolve into a financial services ecosystem. 

According to the telco, this new achievement underscores the financial services platform's rising role in driving financial inclusion and offering diverse services across industries in Kenya and globally.

Safaricom CEO Peter Ndegwa noted, "This accomplishment underscores our dedication to deliver frictionless, always-on and secure financial services to our customers. This milestone, a show of great trust by our customers, serves as a motivation to keep innovating and delivering value to our customers."

Launched in 2007, M-PESA will be turning 18 years old in March 2025. Over the years, what started as a cash transfer platform has transformed into a financial services ecosystem. 

Today, M-PESA offerings include credit, savings, investment, insurance, and wealth management services among others. 

By evolving to continuously address the diverse financial needs of individuals, businesses, and the public sector, M-PESA continues to cement itself as a vital cog of Kenya’s digital economy.

The platform now integrates cutting-edge solutions such as M-PESA Ratiba, launched in October, 2024, which allows users to automate bill payments and recurring transfers. 

Within a month of M-PESA Ratiba launch, over a million users had opted in, handling over 260,000 transactions, a signal to its ability to address real-life pain points and adapt to changing consumer preferences.

Empowering enterprises

According to Safaricom, M-PESA's influence extends beyond individual users, with over 1.5 million enterprises, ranging from MSMEs to global corporations that rely on the platform for merchant payment services. 

This expanding ecosystem is bolstered by Safaricom's Daraja platform, which enables businesses to integrate M-PESA into their websites, apps, and point-of-sale systems via APIs. 

Safaricom added that these commercial integrations have fueled innovation, creating a developer community of over 90,000 and supporting more than 40,000 digital services.

Such support systems have positioned M-PESA as a catalyst for entrepreneurial growth, offering Kenyan businesses the tools to compete in a digitizing global economy.

Enhancing accessibility

With a network of over 300,000 agents currently, M-PESA seeks to ensure financial access even in Kenya's most remote areas, where a majority of the underbanked populations live. 

Additionally, M-PESA’s success has been built not just on innovation but also on strategic partnerships. For instance, Safaricom recently secured an insurance intermediary license, enabling the platform to collaborate with various insurers and offer comprehensive insurance solutions. 

Such partnerships enhance M-PESA’s value proposition, making it a preferred option for the financial services industry.

Looking ahead, Safaricom aims to become Africa’s leading purpose-led technology company by 2030. M-PESA stands a prime position to play a pivotal role in achieving this vision by driving financial inclusion.

Despite its successes, M-PESA faces challenges. The fintech sector is becoming increasingly competitive, with new entrants offering tailored digital solutions. 

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