In November 2024, Safaricom’s mobile money service, M-Pesa, celebrated a major milestone by reaching 34 million subscribers. This remarkable achievement underscores M-Pesa’s pivotal role in expanding financial inclusion for individuals and businesses across Kenya and the continent. Originally designed to facilitate simple transactions, M-Pesa has evolved into a versatile platform offering a broad spectrum of financial services, including credit, savings, investments, insurance, and wealth management, effectively addressing the diverse and growing needs of its users.
M-Pesa’s extensive reach is supported by an expansive network of over 300,000 agents across Kenya, ensuring access to even the most remote communities. This infrastructure has not only driven economic growth but also empowered over 1.5 million businesses, ranging from micro-enterprises to large organizations. Safaricom has further enhanced M-Pesa’s capabilities by obtaining an insurance intermediary license, enabling partnerships with leading insurers to provide a range of comprehensive insurance solutions directly through the platform. These developments coincided with Safaricom’s 24th anniversary celebrations, marked by initiatives like the Sambaza Furaha na Safaricom Caravan, which foster customer engagement and strengthen relationships.
Innovation remains at the heart of M-Pesa’s growth. The introduction of M-Pesa Ratiba, a standing order service launched in October 2024, quickly gained popularity with over 1 million opt-ins and 260,000 transactions within its first month, offering users the convenience of automated payments. The Daraja platform has also played a critical role, enabling seamless integration of M-Pesa into digital services through APIs, fostering a thriving ecosystem of over 90,000 developers and 40,000 integrations. Looking ahead, Safaricom is steadfast in its mission to advance financial inclusion and drive economic opportunities, aiming to become Africa’s leading purpose-led technology company by 2030. Through its innovative spirit and customer-first approach, M-Pesa continues to transform lives and empower communities.
