M-Pesa, a mobile money transfer service that is operated by Kenyan telecommunication provider Safaricom Limited, recently released financial information for the fiscal year ending March 31, 2011, during which time it reported revenue growth of 56 percent, from KES 7.55 billion (USD 94.2 million) to KES 11.8 billion (USD 139 million). During the same period, the number of subscribers also increased from 9.5 million to 13.8 million, and 24,000 outlets serve M-Pesa customers as of March 2011.
M-Pesa accounts for 12.4 percent of Safaricom’s total revenue, which is up from 9 percent in the previous fiscal year. Since its launch in 2007, M-Pesa has grown from a mobile-to-mobile money transfer service to include other tools including bill payment and prepaid VISA services. Through a partnership with Western Union, a US-based corporation that provides wire transfer and money order services, people in 46 countries can make international money transfers to M-Pesa users. M-Pesa was developed by Vodafone Group Private Limited Corporation, a British multinational mobile network operator.
By Rohan Trivedi, Research Associate
About M-Pesa:
M-Pesa is a Kenyan mobile money service. The “M” is for “mobile,” and “pesa” means “cash” in Swahili. Launched in 2007 by Safaricom Limited, a Kenya-based cellphone service provider, M-Pesa was developed by Vodafone Group Private Limited Corporation, a British multinational mobile network operator. As of March 2011, M-Pesa reports having 13.8 million registered customers, roughly one third of Kenya’s population.
Sources and Additional Resources:
[1] Safaricom: “2011 Annual Report”, http://www.safaricom.co.ke/fileadmin/Investor_Relations/Documents/Digital_results/annual_report_2010/digital_annual_reports/Safaricom_2011_Annual_Report.pdf
MicroCapital.org story, August 8, 2011: “MICROCAPITAL BRIEF: Articles from UK’s The Guardian, Nigeria’s Business Daily Online Praise Potential of Mobile Banking, Microfinance Across Africa”, https://www.microcapital.org/microcapital-brief-articles-from-uk’s-the-guardian-nigeria’s-business-daily-online-praise-potential-of-mobile-banking-microfinance-across-africa/
MicroCapital.org story, August 3, 2011: “MICROCAPITAL BRIEF: Central Bank of Kenya Requires Mobile Phone Carriers to Adopt Payment Card Industry Security Standard”, https://www.microcapital.org/microcapital-brief-central-bank-of-kenya-requires-mobile-phone-carriers-to-adopt-payment-card-industry-data-security-standard/
MicroCapital.org story, June 21, 2011: “MICROCAPITAL BRIEF: Financial Sector Deepening, Microfinance Opportunities Announce ‘Financial Diaries’ Research Indicating M-Pesa Users Better Prepared for Health Emergencies, Most E-Money Transfers Are Among Family, Friends”, https://www.microcapital.org/microcapital-brief-financial-sector-deepening-microfinance-opportunities-announce-“financial-diaries”-research-indicating-m-pesa-users-better-prepared-for-health-emergencies-most-e/
MicroCapital.org story, November 11, 2010: “MICROCAPITAL BRIEF: Survey on Kenya’s M-PESA Mobile Transfer Service Shows Increased Impact in 2009”, https://www.microcapital.org/microcapital-brief-survey-on-kenyas-m-pesa-mobile-transfer-service-shows-increased-impact-in-2009/
MicroCapital Universe Profile: M-Pesa, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=M-Pesa
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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