In a major development for Africa’s digital finance space, M-Pesa has officially surpassed 65 million active users across the continent. The milestone, announced by Safaricom last week, highlights the growing dominance of mobile money platforms in Africa and reaffirms M-Pesa’s position as the region’s leading fintech solution. Originally launched in Kenya in 2007, M-Pesa has since expanded into eight African countries, including Tanzania, Mozambique, Ghana, the Democratic Republic of Congo, Egypt, and most recently, Ethiopia. With nearly 2 million new accounts opened in Ethiopia within just five months of launch, the platform’s growth shows no signs of slowing down.
The rapid adoption of M-Pesa across various African markets can be attributed to several factors. First, the widespread penetration of mobile phones, especially in areas underserved by traditional banks, has created the perfect environment for mobile-based financial services to flourish. In many rural regions, M-Pesa is often the only accessible financial tool, making it a lifeline for savings, credit, and payments. Additionally, M-Pesa’s integration with thousands of small and large businesses across sectors — from transportation to retail — has turned it into a daily necessity for both consumers and entrepreneurs.
Kenya, M-Pesa’s birthplace, remains its strongest market with over 30 million users and more than 600,000 agents spread across the country. The platform handles over 96% of Kenya’s mobile money transactions, according to data from the Communications Authority of Kenya. It has enabled millions of people to access financial services without needing a bank account, significantly contributing to financial inclusion. The Central Bank of Kenya continues to work closely with Safaricom to ensure the platform’s growth is supported by robust regulatory frameworks.
The introduction of the M-Pesa “Super App” in 2024 marked another strategic leap. Beyond traditional transactions, the app allows users to book transport, pay bills, shop online, and access partner services through integrated mini-apps. This innovation reflects a broader vision to transform M-Pesa from a mobile wallet into a full-service digital ecosystem — much like China’s WeChat. With this development, Safaricom aims to further increase engagement, particularly among young, tech-savvy users who demand more than just basic transactions.
Beyond user numbers, M-Pesa’s impact on the African economy is profound. Research by MIT previously found that the platform lifted 2% of Kenyan households out of poverty by increasing access to financial tools. Small businesses have also benefited, with many entrepreneurs now able to conduct cashless transactions, pay suppliers, and manage cash flow entirely through their phones. During the COVID-19 pandemic, digital payments proved crucial in helping individuals and businesses remain financially active despite movement restrictions.
Looking ahead, Safaricom and Vodacom — M-Pesa’s parent companies — have ambitious plans. These include launching in more African markets, particularly in Francophone countries, integrating with banking systems via APIs, and using AI for better credit scoring. There are also plans to enhance cross-border remittances and deepen the use of the platform for international payments, especially targeting the African diaspora.
M-Pesa’s journey is a powerful reminder of how innovation born in Africa can not only scale but also meaningfully transform lives. As Africa continues its digital shift, M-Pesa stands as a flagship success story — one that proves technology can drive inclusion, empower communities, and fuel economic growth across the continent.
