from MARIA MACHARIA in Nairobi, Kenya
Kenya Bureau
NAIROBI, (CAJ News) – KENYA’S M-Pesa mobile money platform — launched in March 2007 by Safaricom in partnership with Vodafone — has fundamentally reshaped the way people in Kenya and across Africa access financial services, especially for the unbanked and unbankable.
Originally designed as a simple way to transfer money via mobile phones, M-Pesa has grown into one of the most influential fintech solutions in the world, driving financial inclusion, enabling commerce, and facilitating secure digital transactions for millions.
Since its launch, M-Pesa has become deeply embedded in Kenya’s economy.
The platform now has over 70 million customers globally, with more than 30 million active users in Kenya alone, and a network that spans multiple African countries including Tanzania, Mozambique, Democratic Republic of Congo (DRC), Lesotho, Ghana and Egypt.
M-Pesa has processed a staggering over $450 billion in transaction value, underscoring its role as a cornerstone of Africa’s digital financial ecosystem.
M-Pesa handles a massive volume of daily transactions and facilitates everything from person-to-person transfers and merchant payments to bill payments, savings, credit, and international remittances.
The platform’s impact on financial inclusion cannot be overstated.
In Kenya, where a large segment of the population was previously excluded from formal banking, M-Pesa became the primary means for many to send, receive, and store money.
At its launch, financial inclusion was around 23%, but with M-Pesa’s expansion it grew to more than 80%, as noted by Esther Waititu, Chief Financial Services Officer at Safaricom PLC.
M-Pesa’s importance lies in its ability to bring financial services to people who previously had no access — often bypassing traditional banks entirely.
Users with basic mobile phones can deposit and withdraw cash through an extensive agent network, send money instantly nationwide, pay bills, buy airtime, and even access savings and credit products without ever having a bank account.
This ease of use makes it especially valuable for rural populations, small business owners, gig workers, and anyone without access to brick-and-mortar banking.
M-Pesa’s success has spurred numerous fintech partnerships that further expand the ease and scope of digital payments in Kenya and across Africa.
For example, Safaricom and Mastercard have partnered to enhance remittance services and expand payment acceptance to more than 636,000 merchants, enabling secure, scalable digital transactions and deeper integration with global payment networks.
Amnah Ajmal, Executive Vice President at Mastercard, highlighted that the collaboration aims to “build an inclusive digital economy that works for everyone everywhere.”
These partnerships enhance the functionality of M-Pesa by integrating global payment infrastructure, extending merchant acceptance, and supporting cross-border remittances — all of which boost the ease of transacting not just within Kenya but across regional and international markets.
M-Pesa’s innovation has inspired a broader fintech ecosystem in Kenya.
Mobile operators, banks, and fintech firms now collaborate to develop interoperable solutions that reduce transaction costs, increase security, and offer advanced services like digital wallets and super apps.
These efforts help accelerate financial inclusion, support small and medium enterprises (SMEs), and empower individuals to participate more fully in the digital economy.
From its humble beginnings as a peer-to-peer money transfer service in 2007, M-Pesa has grown into a transformative fintech force that has expanded financial access, empowered the unbanked, and positioned Kenya as a global leader in digital payments.
Its partnerships with global players like Mastercard and ongoing innovations continue to strengthen Kenya’s digital economy and offer a model for mobile-led financial inclusion across Africa.
– CAJ News