Mpesa is synonymous with Safaricom, and Kenya. A highly successful mobile money platform, MPesa popularity and increased usage in Kenya has made it one of the most profitable ventures for the equally profitable telco giant. In the last 3 months through September alone, as per the CBK data, transactions worth over Ksh. 1 trillion have been done via mobile phones. This is more than over Ksh. 113 billion transacted around the same time last year.
Safaricom now sit comfortably at the top of the telco industry in Kenya, controlling over 80% of mobile payment platform and boasting of an incredible average 17 million transaction every single day. The increased demand for the convenient and relatively reliable service for money transfer has made SCOM consider increasing the Ksh.140,000 ceiling daily transaction to double that amount. CBK is however reluctant to make the move, esleciqlly with concerns on issues of money laundering and use of the same in terrorism. It’s a matter of time, as e-commerce becomes more popular in the populace, and the rapid evolution in technology,mobile especially the mobile money platforms.
Presently, Mpesa has gone global with the users able to send money abroad. This is a plus for its over 21million subscribers, after SCOM partnered with Western Union to reach out to over 200 countries globally. Recently, it collaborated with PayPal hence enabling their customers transact online. We look forward to better days and more efficiencies in the money transfer business, especially across, online platforms as e-commerce take root and more businesses go digital.