Safaricom Ethiopia on a path to digital transformation
Telco giant Safaricom PLC says it is making significant strides in its expansion into Ethiopia, a frontier market where it
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M-PESA
Tough economy ending WhatsApp philanthropy
The first victim of my joblessness was Faith Kangai, the mother of two daughters who used to take care of
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M-PESA revenue surge propels Safaricom half-year profit to Sh34.2 billion
The reintroduction of M-PESA charges, along with the onboarding of more merchants on Lipa Na M-PESA, has increased M-PESA’s contribution to Safaricom’s earnings by 16.5 percent or Kes66.2 billion in the half that ended on September 30. Safaricom reports that business-related payments, such as bill payments and purchases, increased significantly by 40.2 percent or Kes17.6 billion YoY in the same period when M-PESA merchants saw a 22.3 percent uptick to 658,000. Out of the Kes18.3 trillion in transactions processed through M-PESA during this period, Kes 10.1 trillion, or 55.4 percent, were subject to charges, reflecting a 64.3 percent year-on-year increase, according to Safaricom. However, Safaricom…
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Safaricom’s impact on Kenya’s economy up 7.4 percent to Sh909Bn
Telco giant Safaricom’s contribution to the Kenyan economy in the fiscal year 2023 increased by 7.4 percent to Kes909.5 billion, the company’s Sustainable Business Report shows. The amount, which is roughly 15 times the Kes62.3 billion financial profit reported by the telco in the year under review is attributable to the value created for customers, agents and merchants, especially through the flagship cash transfer system, M-PESA, which soared by 17 percent compared with FY22. Impact through M-PESA According to the report titled ‘Pathway to a Purpose-Led Technology Company,’ in FY23, M-PESA generated societal value amounting to Kes325 billion, reflecting a year-on-year increase of 17.66 percent.
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Uber, Safaricom tie-up to ease M-PESA payments
Taxi hailing giant Uber and Safaricom partnered, launching a deal that will see riders across Kenya pay for travel via M-PESA. UberEats customers will also pay for deliveries through M-PESA even as the delivery people receive their earnings through M-PESA. The deal targets drivers, who lack bank accounts, with Uber’s data showing that about 20 percent of drivers on the platform do not have bank accounts and therefore lack the opportunity to fully leverage digital trips. “Through the integration of M-PESA for trip payments, we are excited to bring the ease and convenience of mobile money to riders on our platform,” said Imran Manji, Head
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Clinical officer first Sh1 million winner in Safaricom drive
Eric Musyoki Musembi, a Clinical Officer from Machakos County, is the first winner of the Kes1 million monthly grand prize in the ongoing Gomoka na Go Monthly Promotion by Safaricom. Musyoki says he will use the money to finish up personal projects, settle a few debts and possibly start some small income generating activities in their home. Safaricom launched the promotion in June to empower customers with affordable data packages as well as the opportunity to win prizes. The prizes include data bundles; instant M-PESA cash prizes ranging between Kes250 and Kes10,000 with a grand prize of Kes1,000,000 every month. Additionally, customers get more control
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Kenya’s financial system crashed by Russia-linked Anonymous Sudan
Kenya has been hit by a major cyber-attack by Anonymous Sudan, a Russian affiliated hackers group at a time President William Ruto skipped the Russia African summit amid heightened geopolitical realignment over the war in Europe. The attack caused an outage of more than 5,000 public services in Kenya for more than 48 hours while disabling Internet-based and mobile payment platforms for several banks. The attack also froze activities on the ubiquitous M-PESA through the internet bases mobile application. Anonymous Sudan launched the distributed denial-of-service (DDoS) cyber-attack that jams networks, in retaliation for involvement in the Sudan Peace process as head of the IGAD quartet….
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Banks, telcos fight for teenage customers before they turn 18
At the end of last year giant telco Safaricom launched M-PESA Go for 10- to 17-year-olds in a bid to capture an emerging teenage customers that remains largely untapped. This year, banks have revealed plans to step up issuing pre-paid cards to students, claiming it will help them stem theft while allowing them to make purchases in school canteens and supermarkets. The banks are betting on pre-paid cards for students to help deal with the historic cases of insecurities around pocket money given to students per term while at the same time shoring up their customer bases. KCB Bank’s Head of Digital Channels Strategy, Product…
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