Partnerships with APIs such as the Daraja platform have enabled Safaricom’s M-Pesa to broaden its integration range with Point-of-Sale (POS) systems, websites, and mobile apps, driving the number of subscribers up by 1.5% between October and November.
Safaricom noted that the number of subscribers rose to 34 million thanks to over 90,000 developers that have facilitated over 40,000 integrations.The Telco has been on an aggressive campaign to solidify its market share after data from the Communications Authority of Kenya (CA) showed that M-Pesa lost some of its market share from 94.9% to 93.4%.On the flip side, Airtel Money’s market share gained Airtel Networks gained 1.5% of the market share in the period under review.
“This accomplishment underscores our dedication to deliver frictionless, always on and secure financial services to our customers. This milestone, a show of great trust by our customers, serves as a motivation to keep innovating and delivering value to our customers,” Safaricom CEO Peter Ndegwa said.
Safaricom launched M-PESA Ratiba in October to further augment the value of its mobile money service. M-Pesa Ratiba, a mobile money standing order solution, has garnered over a million opt-ins in a month, supporting over 260,000 transactions.
M-PESA Ratiba allows customers to automatically transfer funds from their M-PESA wallets on a weekly, monthly, and yearly to other persons or settle recurring bills or subscriptions. The solution improves customers’ financial management and prevents overwhelming obligations from straining them.
The evolution of M-Pesa from a payments and transactions platform into an invaluable tool for a myriad financial utilities such as wealth management, credit, savings, and investment solutions. The mobile money service is set to commemorate its 18th anniversary next year, priding itself in the network of more than 300,000 agents countrywide and 1.5 million MSMEs that rely on its resources.
However, concerns have been raised by legislators who want Safaricom to divest its ownership of M-Pesa. The Kenya Information and Communications (Amendment) Bill 2022, which is still on the floor of parliament, proposes splitting mobile money services from their umbrella telcos.
Safaricom has bitterly opposed the bill, refuting claims that it will make mobile money services more liable to scrutiny from regulators. MPESA revenues rose 16.6% to KSh 77.2 billion in the 6 months to September, remaining a strong pillar to Safaricom’s profit rally.