M-Pesa is no doubt one of the key services that helped Safaricom record billions in revenue over the years. M-Pesa has had a near-monopolistic existence with no real competition to slow down its growth.
For the 2021/2022 financial year ending March 2022, M-Pesa accounted for over 38% of Safaricom’s total revenue before tax. In total, M-Pesa revenue stood at Ksh 107.69 billion which represents 30.3% growth from the same period last year. The growth can be attributed to favorable economic environments as the economy opened up and even the introduction of transaction fees for M-Pesa transfers of below Ksh 1,000.
Recently, M-Pesa marked its 15th anniversary by hitting 30 million active customer mark in Kenya. The company also reported that it had seen 63.4% growth in Lipa na M-PESA merchants to just below 500,000. M-PESA now has over 3.2 million businesses accepting payments under its portfolio, while the M-PESA business app has about 100,000 active businesses.
The average revenue per M-Pesa user grew by 18.9% compared to the same period last year while chargeable transactions per month per customer grew by 16.6% YoY to 20.3 transactions. As the economy opens up further, these numbers will keep growing and that is always good news for Safaricom.
Safaricom has also introduced quite a number of mini apps on the M-Pesa app as it tries to make it a Super App. The company has confirmed that it will be adding even more mini-apps in the coming months.
Some other key highlights related to M-Pesa for the last financial year are:
- Celebrated 15 years
- Crossed the 30Mn active customer mark
- 5.3Mn Super App downloads with 1Mn Active Consumers and 462k downloads on the Business App
- 11Mn Active Lipa na M-PESA customers, +32.4% YoY
- Network of 2Mn businesses accepting payments
- 492.8k Active
Read: What you need to Know about Safaricom Halal Pesa
