Open space for technologists, investors, tech companies and hackers in Nairobi.

iHub By Leo Mutuku / May 1, 2012

Kenya’s Mobile Money Revolution: M-Pesa turns Five

4 Comments

courtesy of Squad Digital

Safaricom’s mobile money phenomenon, M-Pesa, clocked 5 years, early this year on  March 6, 2012. These five years have seen M-Pesa grow from humble beginnings as a small unit, when it was started in Kenya by a Safaricom -Vodafone partnership, to a fully fledged department.

To celebrate its five years of existence, Safaricom came up with a campaign dubbed ‘celebrating five years of changing lives’ which has been captured in both interactive and static infographics (HT the Safaricom Limited and Squad Digital teams respectively). This campaign highlights the key milestones that have been marked by M-Pesa over the years including various awards and innovations coming from that end.

courtesy of Safaricom

A snapshot of M-PESA:

  • The number of MPesa users has risen from 19,671 in 2007 to an astounding 15 million users to date transacting between them over Kshs.1.4 TRILLION .
  • The number of MPesa agents has also risen from 355 in 2008 to over  37,000 agents countrywide.
  • Safaricom reduced the minimum value of MPesa transaction from Kshs. 50 to Kshs. 10 in this first five years of operation to cater for all segments of the population while the maximum value of an MPesa transaction has also risen from Kshs. 35,000 initially  to Kshs. 140,000
  • There are 25 banks in the M-PESA network with a coverage of 700+ ATMs where you can withdraw your money from. Further, through Western Union, we can now receive money on M-Pesa from over 70 countries worldwide.
  • Safaricom has been recognized by GSMA as the Best Mobile Transfer Service, by Africom for Innovative Technology and Life Changing Solutions, among many other international acclaims.
  • Kenyans for Kenya successful campaign to raise funds for the 3.5 million drought-stricken people facing starvation in Kenya in 2011 used M-PESA as one of the main platforms to receive donations; over 150 million raised via M-PESA alone.

M-Pesa’s success has been attributed severally to the fact that it provides options to many of the country’s unbanked to move and receive money in a relatively easy and affordable manner. We congratulate Safaricom for their flagship innovation’s 5 years anniversary and wait to see what greater impact M-Pesa will have on our society in the coming years.

In case you missed the links, check out these infographics: Celebrating 5 Years of M-Pesa and M-Pesa’s Timeline, Celebrating 5 Years of Changing Lives

Author : Leo Mutuku

Leo is a research manager at iHub Research. She conducts research on open data, data science and visualization, design research methods, market and investment research.


4 Comments
  • The Invisible Bank: How Kenya Has Beaten the World in Mobile Money – News Watch at 12:32:59PM Wednesday, July 4, 2012

    [...] – March 6 2012 – it had been used by a staggering 15 million people. The system was employed by the ‘Kenyans for Kenya’ campaign to raise money for Kenyans suffering from the Horn of Africa drought – just one way in which it has contributed [...]

    Reply
  • Afrofutures | The Invisible Bank: How Kenya Has Beaten the World in Mobile Money at 15:11:01PM Thursday, July 5, 2012

    [...] – March 6 2012 – it had been used by a staggering 15 million people. The system was employed by the ‘Kenyans for Kenya’ campaign to raise money for Kenyans suffering from the Horn of Africa drought – just one way in which it has contributed [...]

    Reply
  • Mobile Development in Africa: Innovations and Challenges at 20:32:09PM Tuesday, July 24, 2012

    [...] mobile phones, dedicated ATM’s and kiosks. Kenya’s mobile banking application, M-PESA, recently celebrated its 5th birthday, with an exponential increase from about 19 000 subscribers in 2007 to 15 million this [...]

    Reply
  • The Future of Banking is Coming from An Unlikely Place: Africa « Positive Sum Game at 14:07:08PM Friday, November 2, 2012

    [...] and ATM’s. M-Pesa, the provider of the largest mobile phone payment system in the world, has 15 million accounts, as of early 2012. Smartphones can deliver even more services, like depositing checks, than mobile [...]

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


{{ theme:js file="jquery.fittext.js" }}