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M-Pesa costumers up by 60%

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Money transfer service, M-Pesa, coming to South Africa in August. (image credit: Business Daily))
LISTED mobile serve provider, Safaricom is set to launch its M-Pesa services in South Africa, Africa’s Economic powerhouse at the end of August.

This was revealed when the firm announced that its money transfer service, M-Pesa has so far netted 11.89 million customers, a 60 per cent growth as at last month compared to 7.4 million last year.

The amount of money the service has transferred since inception in 2007 reached Sh525.84 billion in the financial year ended July.

In a statement released to newsrooms of Friday, the firm said that Statistics showed that the monthly average amount of money moved has increased by 30 per cent.

The service so far has facilitated the transfer of Sh33 billion last month, compared to Sh20 billion in July last year. The operator said
M-Pesa agents grew to 19,500 during the period to July.

Launched in 2007, the money transfer service has become globally acclaimed and other countries have taken up the idea, albeit with varying degrees of success.

The firm at the same time said that M-Kesho, a product launched by Safaricom in partnership with Equity in May this year, has been able to grow its customer base to 455,000.

The operator said that though the number is high, only 176,000 are active customers. The service was expected to deepen financial access in rural Kenya, especially areas with scarce banking infrastructure.

BRIAN ADERO in Nairobi, Kenya


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