Microfinance Focus, August 16, 2011: Safaricom mobile money transfer service ‘M-PESA’ has reported a growth of 56 percent in its revenue according to the company’s annual report for the year ended 31st march 2011. Safaricom earned around $130 million in revenue from M-PESA in Kenya.
As at March 2011, there were close to 14 million Safaricom subscribers actively using the M-PESA service, supported by a nationwide agent network of over 24,000 outlets.
M-PESA has extended its International Money Transfer services in partnership with Western Union which allows users across 46 countries worldwide to send money directly to M-PESA accounts.
Through the launch of the M-PESA Safari Card in association with Visa International, it has funded extended its reach giving customers the opportunity to access the service in up to 28 million merchant outlets across the world
At the 2010 Mobile Money Transfer Awards, M-PESA was awarded with three awards – ‘Most inventive Marketing Campaign’, for ‘Achievement in Financial Inclusion’ and ‘Outstanding Personal Contribution to Mobile Money Development’.
M-PESA has evolved into a major financial tool, at both the corporate and individual level with over 600 Pay Bill partners. Over one million people now use M-PESA to pay their monthly bills through the Pay Bill function. The same trend has been repeated at a smallscale level with M-PESA becoming the prime business tool for small businesses.