Browsing: M-pesa

Stakeholders from 8 African countries meeting in Tanzania deliberated on policies and frameworks to drive innovation, technology and sustainable mobile payment ecosystem…

Kenya is strategically positioning itself as the gateway to the vast African market as it seeks to attract investments into the country.

President Uhuru Kenyatta who has been on a charm offensive in foreign markets has called on Asian economies to use Kenya as a gateway to Africa’s market of over 1.2 billion people that is worth more than US$ 29 trillion.

President Kenyatta said Kenya is the best entry point for Asian businesses that want to trade in Africa with the coming into force of the African Continental Free Trade Area (AfCTA).

READ ALSO:Kenya seeks AfCFTA partnership on trade standards

“I invite you to use Kenya as a gateway to the African continent.  It is not only one of the top-ten fastest growing economies in Africa but is also one of the most pro-business Nations on the continent,” the President said when he delivered a keynote address at …

More than 800 travel agencies will simplify travel payments, book clients’ trips, hotel accommodation, hire transport and use M-Pesa to pay…

In the next five years, Safaricom’s mobile agriculture platform DigiFarm will outgrow M-Pesa at least according to the company’s outlook.

DigiFarm which currently has more than 200,000 farmers using the service daily was launched in partnership with Farmdrive, iProcure and Arifu.

The platform which aims at digitising entire agriculture value chains in Kenya has 7,000 farmers successfully taking loans using the app.

This money is usually spent on purchasing seeds, fertilizers and pesticides.

The M-Pesa Ecosystem

Safaricom Chief Financial Services Officer, Sitoyo Lopokoiyit, says that DigiFarm has grown phenomenally since its launch in October 2017.

So far, the platform has over 1 million farmers registered.

“In line with our Purpose of Transforming lives, we have provided a mobile technology platform for the smallholding farmers to access a suite of information and financial services, said Lopokoiyit.

Within DigiFarm, farmers can access credit and other financial facilities.

These farmers can also share …

Data and M-pesa transactions accounted for almost 50 per cent of Vodacom Tanzania Plc`s income last year thanks to an over Tshs.170 billion ($73.9 million) investment to expand and modernize the network.

Vodacom`s Finance Director, Jacques Marais said in Dar es Salaam on Tuesday 14<sup>th</sup> May 2019 during a briefing to investors and the media of the company`s annual results for the year ending March 2019.

Marais said M-pesa remained a leading revenue growth with an increase of 14.5 per cent during the period with seven million customers using the service regularly transacting a record Tshs.49.3 billion ($21.4 million) per month.

`During the year, we added 620,000 new M-pesa customers, a growth of 9.7 per cent M-pesa transaction volumes increased 16.4 per cent and M-pesa values transacted grew 16 per cent,` he said while noting that `Lipa kwa M-pesa` platform had 11,000 merchants who processed Tshs.1.1 trillion ($478.2 million) …

Tanzania`s vast geographical boundaries and mobile phone penetration among its demographics have attributed to a shift of many Tanzanians from traditional cash transactions to emerging mobile payment solutions.

Mobile solutions are being used to send money home, facilitate informal business transactions, pay bills, or buy pre-paid electricity. Notably, low-income people, especially in the rural areas, find value in remote digital payment solutions.

According to the second National Financial Inclusion Framework 2018-2022 (NFIF2), mobile payment solutions have contributed to an increasing number of adults in the formal financial systems, from 58 per cent in 2013 to 65 per cent in 2017.

The framework further asserts that the combined efforts between the government and the private sector are a main factor for the upsurge in financial inclusion.

The World Bank also maintains that the inclusion of people in the formal financial system will enable communities, especially businessmen to access financial services with …

Safaricom (NSE: SCOM) has announced plans to double its 4G network coverage to 5000 base stations by March 2020, covering all major towns and 80 per cent of the Kenya population.

The announcement was made by the company CEO Bob Collymore as he released financial results for the year ending  March 31, 2019, which saw net income increase by 14.7 per cent  to Ksh63.4 billion (USD624.9 million ) with revenue hitting Ksh240.3 billion (USD2.4 billion).

“We are pleased with the strong results we have delivered for the year, building on our long track record of delivering relevant products and putting the customer first. We foresee continued growth in the future,” said Collymore.

Safaricom expects to spend over Ksh36 billion (USD354.8 million) in driving up additional 4G coverage, which will see the company roll out an additional 2,030 4G and 4G+ base station to reach more than 80 per cent …