In November 2024, Safaricom’s mobile money service, M-Pesa, marked a significant milestone with 34 million subscribers.

This achievement highlights the platform’s role in enhancing financial access for individuals and businesses across Kenya and the continent.

M-Pesa has expanded well beyond its original function of facilitating simple transactions. Now, it operates as a comprehensive financial service offering, including credit, savings, investments, wealth management, and insurance, meeting the evolving needs of its users.

The platform’s extensive reach is supported by a network of over 300,000 agents in Kenya, ensuring even the most remote areas have access to its services.

This broad network has contributed to economic growth and supported over 1.5 million enterprises, ranging from micro to large businesses.

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Safaricom’s acquisition of an insurance intermediary license further strengthened M-Pesa’s offerings. The company has partnered with various insurers to provide comprehensive insurance solutions through the platform.

This development follows Safaricom’s 24th anniversary in October 2024, which began a year-long celebration leading up to the company’s silver jubilee.

As part of this, the Sambaza Furaha na Safaricom Caravan was launched on 9th November. The Caravan is on its fourth regional tour in Nairobi after successful runs in Rift Valley, Mountain, and Greater Western regions.

This initiative not only rewards customers and spreads festive cheer but also addresses their concerns and strengthens customer relations.

Dr. Peter Ndegwa, Safaricom’s CEO, spoke about the significance of reaching 34 million M-Pesa customers in Kenya. He highlighted how this milestone reflects the company’s ongoing commitment to enhancing financial services.

“We are immensely proud to reach 34M M-Pesa customers in Kenya. This accomplishment underscores our dedication to deliver frictionless, always on and secure financial services to our customers," Ndegwa stated.

"This milestone, a show of great trust by our customers, serves as a motivation to keep innovating and delivering value to our customers."

M-Pesa’s innovation continued in October 2024 with the introduction of M-Pesa Ratiba, a mobile money standing order service.

Within its first month, the service recorded over 1 million opt-ins and facilitated over 260,000 transactions. M-Pesa Ratiba allows users to automate payments for bills and subscriptions, adding convenience to regular transactions.

Another key aspect of M-Pesa’s growth has been the Daraja platform, which supports businesses in integrating their digital services—websites, mobile apps, and point-of-sale systems—with M-Pesa through APIs.

This has encouraged the development of a strong community of over 90,000 developers and more than 40,000 integrations, further enhancing M-Pesa’s service options.

Safaricom aims to advance financial inclusion and broaden its impact across Africa. The company is working towards its goal of becoming the leading purpose-led technology company by 2030.

Through ongoing innovations in financial services, Safaricom continues to play a significant role in expanding access and driving economic opportunities.