An M-Pesa shop. Kenyans transacted more than Sh1.7 trillion on their mobile phones in the first 11 months of 2013, surpassing the value of the country’s budget this financial year. PHOTO/FILE.
M-Pesa: Kenya’s mobile money success story turns 10
- M-Pesa mobile payment system has made rapid progress over 10 years
- Service is available to almost 30 million people in 10 countries
- Next decade will see further innovation and new competition
- Mpesa has 18 Million active users in Kenya and 287,400 agents worldwide providing services to users
- Mpesa service was launched in march 2007
The majority of the East African country’s population is subscribed
to a mobile payment service, and the most popular choice is M-Pesa, which celebrates its 10th anniversary in March 2017.
M-Pesa — “pesa” means “money” in Swahili — has made a dramatic impact over this time.
The system was launched by Vodafone’s Safaricom mobile operator in 2007 as a simple method of texting small payments between users. Today there are 30 million users in 10 countries and a range of services including international transfers, loans, and health provision. The system processed around 6 billion transactions in 2016 at a peak rate of 529 per second.READ MORE