Jul 4, 2011

M-PESA Nets 14 million Users

M-PESA has netted 14 million customers, representing almost 80 per
cent of Safaricom's subscribers.

Safaricom's chief officer of new products, Betty Mwangi updated
delegates on the latest numbers at the GSMA mobile money summit 2011.

There are about 700,000 customers on the M-KESHO mobile banking
service (launched in 2010 in conjunction with Equity bank). 700 firms
joined its utility bill payment scheme; and 300 organizations are
already using M-PESA for salary payments and other disbursement

M-Pesa transacted a massive Sh727.8 billion last year, according to a Central Bank of Kenya report. “M-Pesa was still the most widely used method of mobile money transfer as evidenced by the 305.7 million transactions effected and valued at Sh727.8 billion in the year 2010,” reads the report.According to Safaricom’s annual report for the year ended 31 March 2011, Cumulative value of transactions from inception is Sh828 billion.

The M-PESA service, the first of its kind in the world, was launched
in march 2007. As at 31 December 2010, the service had over 13.5
million customers and over 24,000 agents outlets country wide. Over
600 organization were accepting bill payments via M-PESA.

Safaricom is continually improving M-PESA with new services. Latest
new features include airtime purchases, ATM withdrawals, physical
payments (at participating merchants in a service dubbed as nunua na M-PESA) and a new prepaid Visa card that can be topped up by M-PESA.

Three years after its launch, M-PESA has already established itself as
one of the most successful and celebrated mobile money schemes.