Kenyan Leading Mobile Money Service, M-PESA, Marks 18-Year Anniversary, Now Supporting Over One Million Businesses With Over 55,000 API Integrations

Kenyan leading mobile money service, M-PESA, is now accessible in more than 170 countries and serves over 70 million customers, parent company, Safaricom, revealed at an event marking M-PESA’s 18th anniversary.

Founded in 2007, the mobile financial services provider now supports over one million businesses and agents across Kenya, Ethiopia, Tanzania, Mozambique, the Democratic Republic of the Congo, Lesotho, Ghana, and Egypt.

Additionally, the service powers more than 55,000 integrations on its Daraja platform, which hosts over 100,000 developers.

With a transaction capacity of 4,000 per second, the platform processes over 100 million transactions daily, making it Africa’s largest fintech solution.

Founding Chief Executive Officer (CEO) and Board Chairman, Michael Joseph, shared that when the idea for the mobile money service was first presented, Vodafone shareholders were skeptical, dismissing it as a waste of time and money.

“It cost us a lot of money, and during that time, Vodafone shareholders came in and said we were wasting time and money, that this was a stupid idea. But I said, ‘I’m going to do it anyway,’” Joseph recalled.

Safaricom said in a press briefing that M-PESA’s success is due to its accessibility and universal nature which allows millions of people to conduct rapid, secure, and reliable financial transactions using their mobile phones.

“In the last 18 years, M-PESA has transformed the lives of millions of customers, empowering them with useful and affordable financial services, ‘’ Dr. Peter Ndegwa, Safaricom CEO, said.

‘’With increasing smartphone usage across the continent, we are transitioning to be a digital financial services provider connecting customers and businesses to opportunities and powering their growth through our tech-powered solutions.”

According to Safaricom, as more people across the continent embrace smartphones and 3G and 4G broadband, M-PESA is evolving into the preferred digital financial services provider.

In 2021, as reported by BitKE, M-PESA Africa launched the M-PESA Super App with a business offering: the M-PESA Commercial App, which enables businesses on the platform to run a virtual storefront and offer their services through M-PESA Mini apps.

Over the past 18 years, M-PESA’s services have expanded significantly, contributing to greater financial inclusion and driving national economic growth.

According to Safaricom’s Chief Financial Services Officer, Esther Waititu, the company is expanding the M-PESA platform to offer more digital services, accelerate product development, and enhance stability and reliability.

“M-PESA’s future success will depend on its user-friendliness and seamless integration with other services and products, providing customers with a comprehensive range of financial services at their fingertips.

M-PESA represents the future of mobile financial services across the continent,” she stated.