Safaricom's mobile money platform M-PESA turns 18

The aim of the project is to increase financial inclusion, streamline healthcare payments, and improve service delivery across the country.

Already leading the world in the field of mobile money, Visa says there is great potential for digital payments and cryptocurrencies in Africa.

The partnership will focus on rolling out card issuance products across key MTN Fintech markets, starting with Rwanda which is already operational.

The mobile money platform provides more than $55 million in loans each day, with a nonperforming loan level of less than 2%.

The financing will help the telco modernise and expand its network infrastructure, with a focus on 4G and 5G deployment, while also enhancing digital innovation.

The telco's third-quarter mobile money transaction value increased by 33.3% in constant currency, to $146 billion on an annualised basis.

The company said his significant experience and local knowledge ideally equip him to navigate Zimbabwe's economic landscape.

M-PESA, which turns 18 in March 2025, has grown over the years from a payment and transaction platform to a financial ecosystem that provides credit and savings.

In the current reporting period, M-PESA contributed 42.9% of Safaricom's service revenue, totalling $600.09 million.

The competition targets early-stage business-to-business start-ups with proven traction and core teams based in Africa.

Kamoto has worked for Airtel Malawi for 10 years, transitioning from chief commercial officer in 2014 to managing director in 2016.