Safaricom's M-PESA attains top marks in interim results

The company promises to provide a single, simple payment solution for cross-border online merchants looking at Africa as their next growth opportunity.

The company boosted its investments in new spectrum in the Democratic Republic of the Congo, Mozambique, and Tanzania, as well as the number of 4G sites across the portfolio.

The telco advised shareholders that financial services are "a clear strategic priority" for the Group and would continue to be the greatest component of its revenue beyond mobile services.

The loan product has been launched in partnership with Pezesha, a Kenyan fintech.

Africa’s e-commerce business is booming immensely.

The telco celebrated its 30th anniversary by promising to expand its financial services, which have become a lucrative business for the company.

The plans are included in the 2024 Finance Bill, as the government aims to raise an additional $2.5 billion (Sh323bn) in taxes in the financial year beginning in July.

I&M Bank in Kenya has made the move as the result of customer feedback and a response to the high cost of living.

The fintech, which entered the Kenyan market in June last year, gained clearance yesterday and pledged to provide secure services while complying to the Central Bank's regulatory framework.

Through the agreement, individuals within Ethiopia will be able to receive remittances from different parts of the world through Safaricom’s M-PESA.

This is the second M-Pesa outage Safaricom has experienced this January.