M-Pesa: Kenya’s mobile money success story turns 10

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M-Pesa: Kenya’s mobile money success story turns 10

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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

(CNN)Smartphone payments are gaining ground in the US, but mobile money is old news in Kenya.

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

Source:http://www.cnn.com/

M-Pesa: Kenya’s mobile money success story turns 10 Reviewed by on February 21, 2017 .

Share thisFacebookTwitterPinterestEmailWhatsAppAn 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

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