M-PESA hits 34 million customers in Kenya
Safaricom, a Kenyan telco, said on Thursday that its mobile money network, M-PESA, reached 34 million customers in November.
Safaricom stated in a statement that the achievement reflects the company's effort to improving the financial health and welfare of individuals and businesses across the continent.
''We are extremely happy to have 34 million M-PESA customers in Kenya. This success demonstrates our commitment to provide frictionless, always-on, and secure banking services to our consumers. This milestone, which demonstrates our customers' high level of trust, acts as incentive to continue innovating and providing value to them. Safaricom's CEO, Dr Peter Ndegwa, stated.
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, savings, investment options, wealth management, insurance solutions, and a variety of other financial services.
With a broad network of over 300,000 agents nationwide, the platform contributes significantly to Kenya's economic growth by providing access to financial services even in distant locations.
Furthermore, the platform's merchant payment alternatives serve approximately 1.5 million micro, small, medium, and big firms. Safaricom recently obtained an insurance intermediary licence, allowing it to work with multiple insurance carriers to deliver comprehensive insurance solutions to its consumers through M-PESA.