Browsing: M-pesa

• Safaricom PLC has also accelerated its investment in communities through the launch of the Safaricom Foundation Ethiopia and Citizens of the Future program that will benefit over 500 schools in Kenya.
• In its Kenya operations the company recorded a 22.6% growth in Net income to KES 58.2 billion, 9.3% jump in service revenue to KES 194.0billion, and 13.1% growth in EBIT to KES 89.5 billion.
• “We launched Fintech 2.0, a cloud-native platform built for speed, security, and fraud prevention, which allows us greater capacity, resilience and ability to innovate. Fintech 2.0 is shaping the future of M-PESA,” explained CEO Dr. Peter Ndegwa

Safaricom PLC (NSE: SCOM) has announced a 52.1 per cent growth in group net income to $331.3 million (KES.42.8 billion) for the six months to 30th September 2025, demonstrating resilience and growth across its Kenya and Ethiopia operations.

In its Kenya operations the company recorded a 22.6 per …

• Safaricom PLC reaffirms its commitment to powering digital transformation and sustainable growth across Africa.
• The company recently achieved a historic milestone, surpassing 50 million customers across its mobile network in Kenya.
• Through its flagship innovation M-PESA, which currently has over 35 million active customers, Safaricom has redefined financial services, driving economic growth, financial inclusion, and entrepreneurship.

Safaricom PLC is marking its Silver Jubilee today, celebrating 25 years of pioneering digital innovation in the wake of mobile technology since its official launch on the 23rd of October 2000.

Since its inception with tens of thousands of subscribers as a spin-off of Telkom, Safaricom has evolved from a pioneering mobile service provider into a purpose-led technology company.

In this trailblazing journey, the company continues to transform lives through improved connectivity, innovative mobile money solutions, and impactful social investments under its impact platforms, Safaricom Foundation and M-PESA Foundation.

“Today, we are not only …

• Safaricom PLC’s True Value in fiscal year 2025 is 16 times greater than its financial profit during the period.
• The telco’s True Value was enhanced by creating value for customers, agents and merchants through fintech M-PESA, increased investment in responsible citizen and social impact initiatives.
• Company contributed KES809 billion to Kenya’s GDP through its touch points in the various value chains.

In an economy where Safaricom PLC products and services weave deep networks from corporate boardrooms, to government corridors, to the ever bustling SME sector, the company’s True Value in 2025 increased to $8.509 billion (KES1.1 trillion), the latest Sustainable Business Report shows.

In the trading period ending 30th March 2025, the company contributed KES809 billion to Kenya’s GDP through its touch points in the various value chains. In an update on Tuesday, Safaricom attributed the increase in the True Value earnings to the enhanced value created for customers, agents …

• M-PESA upgrade is expected to deliver scalability, resilience and AI-powered innovation that will see platform process 6,000 transactions per second from the current 4500 Tps.
• Transformation positions M-PESA to meet the growing demands of Africa’s digital economy while preparing for future opportunities.
• New-look platform embeds artificial intelligence to aid in fraud detection, enable self-healing, and power real-time monitoring.

Tech giant Safaricom is set to undertake the most significant upgrade of its mobile financial services platform M-PESA, offering the fintech a new-look system that can process 6,000 transactions per second (Tps), up from the current 4,500 Tps.

The planned upgrade on Monday, 22nd September between 00:30am and 03:30am will be the biggest on the platform since 2015, marking a major milestone in the service’s 18-year journey of driving financial inclusion and digital transformation.

“During the maintenance, all M-PESA services including airtime purchase shall be temporarily unavailable. The timing of this maintenance …

• M-PESA and PayPal’s deal marks a pivotal moment for Kenya’s digital ecosystem comprising over 35 million mobile money users and two million businesses using Safaricom’s mobile money platform.
• Initiative will enable seamless account linking and fund transfers between M-PESA wallets and PayPal’s global network, opening gateway to over 200 international markets.
• M-PESA users—from small-scale traders to gig economy workers—can now tap into global opportunities, fostering a new era of economic participation.

Across Kenya’s booming digital economy, one element stands out: the relevance of cash transfer platform M-PESA. From taxi payments to settling dinner bills, Safaricom’s M-PESA, which has now grown to over 35 million users, has remained a central cog in driving e-commerce.

In an effort to further enhance digital commerce in East Africa’s largest economy, Safaricom’s M-PESA and global payments giant PayPal have unveiled a collaboration aiming to enhance seamless account linking between M-PESA and PayPal’s international network.

In …

• Safaricom has requested telco industry watchdog, the Communications Authority (CA) to block satellite internet providers, such as Elon Musk’s Starlink, from operating independently within Kenya.
• Kenya’s largest telco argues that allowing satellite providers to operate independently could lead to challenges in enforcing compliance with local laws.
• Safaricom insists satellite ISPs should only be allowed to operate under the license rights of a local company.

A fierce battle is looming in Kenya’s internet service provider (ISP) industry, with Safaricom PLC, the region’s largest telecommunications operator, requesting the Communications Authority (CA) to block satellite internet providers, such as Elon Musk’s Starlink, from operating independently within the country.

This development sets the stage for what could turn out to be a fierce contest over the control of Kenya’s lucrative internet market, as telco heavyweights Safaricom and Starlink vie for dominance in a rapidly digitizing economy.

Listed on the Nairobi Securities Exchange and …

• With operations in Kenya, Rwanda, Tanzania, Uganda and Mauritius, I&M Bank has attributed 15 per cent profit growth to an increase in its operating income.

• Its loan portfolio grew by 30 per cent to $2.4 billion, partly attributed to the extension of retail lending through digital platforms.

• Customer deposits closed at $3.2 billion, a 33% increase year-on-year, attributed mainly to growth in current and savings accounts.

Nairobi Securities Exchange-listed lender I&M Group PLC has recorded a profit after tax of $101.5 million for the year ended December 31, 2023, up from $88.5 million, as it continued with its regional expansion.

The financial services provider, which operates in …

• Nala Money has Payment Service Provider licenses in several countries, including its founder’s home, Tanzania.
• In 2020, Africa’s e-payments industry, across domestic and cross-border payments, generated approximately $24 billion in revenues, of which about $15 billion was domestic electronic payments.
• Africa’s domestic e-payments market is expected to see revenues grow by approximately 20 per cent per year, reaching around $40 billion by 2025

“Little did I know that if a European-based client of mine could have subscribed to Nala Money, I would have received $100 more to my fee.  Unlike Nala, the money order service I use has a low exchange rate and is somehow unconventional.”

This testament is not a promotion or a boost for the latter but an admission of facts and experiences Tanzanians who might receive remittance often or once could face.

Nala, started by Tanzanian youth Benjamin Fernandes in 2017, aimed to increase economic opportunities for …

• Africa is experiencing a transformative era characterized by robust economic development, technological advancement, and a burgeoning creative industry.
• Many African countries are now experiencing rapid economic expansion, driven by a combination of factors including improved governance, increased foreign direct investment, and a growing middle class.
• Rapid adoption of mobile technology has transformed the continent, providing unprecedented access to financial services through mobile money platforms like M-Pesa, improving healthcare delivery, and enhancing agricultural productivity.

Africa is increasingly becoming a beacon of growth and potential in the global landscape. Amidst its rich cultural heritage and natural resources, the continent is experiencing a transformative era characterized by robust economic development, technological advancement, and a burgeoning creative industry.

This blog post delves into the multifaceted aspects of Africa’s growth trajectory, highlighting the significant progress and potential within its economies, technological innovation, and notably, the sports and entertainment sectors.

Economic Resilience and Development

Africa’s economic …

• Registered customers for M-Pesa Ethiopia rose to 3.1 million from 1.2 million as of half the Financial Year 2023/2024, transacting worth $115.63 million.
• Ethiopia’s National Financial Inclusion Strategy 2021–2025 aims to increase financial inclusion from 45 to 70 per cent of all adults by 2025, partly by scaling digital payments through mobile money services.
• The country also aims to increase the use of digital payments from 20 per cent of all adults in 2020 to 49 per cent by 2025.

Revenue growth for M-Pesa Ethiopia

Safaricom’s M-Pesa in Ethiopia reported revenue returns of $277,139.43 over the nine months ending in December 2023.

Following its August 2023 launch, the operations generated $45,000 over the first four months, with further commitment to grow the numbers.

Registered customers for M-Pesa Ethiopia rose to 3.1 million from 1.2 million as of half the Financial Year 2023/2024, transacting worth $115.63 million.

However, the opportunity for …