The platform M-Pesa processed $364,8 billion in transaction value over the past twelve months, up 13%, consolidating its top position in the African fintech space.
M-Pesa, jointly owned by the Vodacom Group and Safaricom, is Africa's most successful mobile money platform and has become a key revenue stream for both telecom companies.
The Vodacom Group released its annual performance for the year ending in March, stating that, in the 12 months, international revenues of M-Pesa increased by 31,1% to 6,5 billion reais, contributing with 24,6% of service revenues.
Shameel Joosub, CEO of Vodacom Group, says growth was supported by strong performance in the DRC, with Tanzania's performance recovering as rates on mobile money were reduced during the year.
“M-Pesa's underlying momentum reflects our continuous product improvements in the consumer and trade segments, supported by M-Pesa Africa. In the consumer segment, we launched new insurance, term loans and group savings products, increased international money transfers and improved our M-Pesa application during the year”, says Joosub.
In Tanzania, he says: “Loans granted through our 'Songesha' credit product more than doubled, reaching BRL 8,2 billion during the year. To grow and diversify the M-Pesa ecosystem, we have also accelerated our merchant strategy, more than doubling the number of active merchants to 196.”
Commenting on the operating license granted to M-Pesa last week in Ethiopia, Joosub says it is an important milestone for the group as it accelerates its “ambition to transform lives in the country, as we seek to connect all Ethiopians to the global digital economy”.
M-Pesa is Africa's most successful mobile payment service. Launched in Kenya in 2007, it has since evolved to become a major driver of financial inclusion with over 50 million customers in seven countries.
M-Pesa processes more than 61 million transactions a day, making it Africa's largest fintech provider, and has attracted 42 external developers to build additional services for the platform.
