Safaricom has announced a $300 million (KSh 40 billion) investment to upgrade M-PESA, its flagship mobile money platform. The upgrade, called “M-PESA 2.0,” aims to improve system speed, capacity, and user experience. Safaricom shared the news while celebrating M-PESA’s 18th anniversary.
Launched in March 2007, M-PESA began as a simple money transfer tool in Kenya. Today, it serves over 70 million users in more than 170 countries. Safaricom CEO Peter Ndegwa said the upgrade marks “the next big leap” for the platform. He promised that M-PESA 2.0 will offer zero downtime, better security, and a smoother experience for users.
To fight fraud and protect customers, Safaricom uses ethical hackers and advanced tools to test and secure the system. Ndegwa stressed that the company is always working to build stronger systems so users can trust the service.
Over the years, M-PESA has added many features. It now lets users pay bills, save money, take loans, and invest. The platform supports over one million businesses and agents in eight countries: Kenya, Ethiopia, Tanzania, Mozambique, the Democratic Republic of Congo, Lesotho, Ghana, and Egypt.
M-PESA handles about 100 million transactions daily and can process 4,000 transactions per second. These numbers show how important it is for financial growth and digital access across Africa.
Daraja, M-PESA’s developer hub, plays a key role in building new tools. With over 100,000 developers and 55,000 integrations, it allows businesses to create solutions like payment systems and resource management tools. This ecosystem has helped M-PESA remain a leader in Africa’s fast-changing fintech space.
As part of its anniversary celebration, Safaricom launched the Ziidi Investment platform. Ziidi includes a money market fund that lets customers invest from as low as $0.75 (KSh 100). Since receiving approval in November 2024, over one million people have signed up. So far, users have invested more than $45 million (KSh 6 billion). Safaricom also plans to launch Shariah-compliant investment options soon.
Safaricom’s Chief Financial Services Officer, Esther Waititu, said M-PESA must stay easy to use and work well with other services. She said the $300 million investment will speed up the creation of new features, boost system reliability, and grow the digital services offered through the platform.
M-PESA has made a big impact in Kenya. It helped increase financial access from 26.7% in 2006 to 83.7% in 2021. In the 2024 financial year, it earned $1.05 billion (KSh 139.9 billion), which made up 42% of Safaricom’s service revenue.
M-PESA’s success has also drawn the attention of regulators. The Central Bank of Kenya is looking into separating M-PESA from Safaricom for better oversight. However, a possible tax bill of $562.5 million (KSh 75 billion) has slowed progress on that plan.
The upgrade comes as more people in Africa use smartphones and high-speed internet. Safaricom is ready to use these trends to expand M-PESA’s reach. In 2021, the company launched the M-PESA Super App and Business App, allowing shops to run online storefronts using mini-apps.
To mark its 18th year, Safaricom is holding events nationwide with customers, investors, tech partners, and media. These efforts show Safaricom’s promise to deliver a safe, secure, and stress-free financial service.
With the new investment in M-PESA 2.0, Safaricom is preparing the platform to empower more people, support businesses, and drive Africa’s digital future.
Intel Corporation will cut more than 20% of its workforce this week, which amounts to over 21,000 employees. Bloomberg reported the news, citing a source close to the matter. This move comes less than a year after the chipmaker laid off 15,000 workers in a similar cost-cutting plan. By the end of 2024, Intel’s employee […]
South African fintech group Crossfin has invested in DigiSquad, a payments platform and advisory company based in Johannesburg. Although the amount was not disclosed, the funding will help DigiSquad expand financial access across Africa, especially in underserved areas. Bishmen Kumalo founded DigiSquad in 2015. Since then, the company has provided services like payments consulting, digital […]
IHS Nigeria has partnered with UNICEF and the Canadian Government to support healthcare delivery in Ogun State. Together, they donated an oxygen plant to Olabisi Onabanjo University Teaching Hospital (OOUTH) in Sagamu as part of a Corporate Social Responsibility (CSR) project aimed at saving lives. IHS Nigeria announced that its team recently visited OOUTH to […]
Telecom tower companies in Nigeria are now turning to solar power to reduce fuel costs and protect the environment. These companies are installing solar systems at base stations, especially in remote areas with no access to the power grid. Some companies in advanced countries have also started similar test projects. Although solar-powered towers are still […]
EV adoption in Nigeria is not without its hurdles. The high upfront cost of electric vehicles remains a significant barrier for many potential buyers. Additionally, the limited availability of charging infrastructure continues to raise concerns about the practicality of owning an EV, especially in urban areas outside major cities like Lagos and Abuja.
As of 2022, the World Health Organization (WHO) recommends a ratio of ten doctors for every 10,000 people. However, only seven African countries meet this standard. In Nigeria, the situation is even more dire, with just four doctors per 10,000 people.
From the American West Coast to the bustling streets of Lagos and the sleek corridors of Stockholm, different cities are developing unique startup ecosystems—each with its own strengths and stumbling blocks. But what defines these ecosystems, and why are they crucial to startup success?
This fresh collaboration was highlighted when NEMA’s Director General, Mrs Zubaida Umar, visited Dr Aminu Maida, the Executive Vice Chairman of the NCC, in Abuja.
The announcement was made by Professor Suwaiba Ahmad, Minister of State for Education, during the Adolescent and Youth Ministerial Dialogue on Wellbeing, Health, and Development, held in Abuja.
For years, the cost of RoW in Nigeria has deterred internet providers from investing in infrastructure.
Intel Corporation will cut more than 20% of its workforce this week, which amounts to over 21,000 employees. Bloomberg reported the news, citing a source close to the matter. This move comes less than a year after the chipmaker laid off 15,000 workers in a similar cost-cutting plan. By the end of 2024, Intel’s employee […]
South African fintech group Crossfin has invested in DigiSquad, a payments platform and advisory company based in Johannesburg. Although the amount was not disclosed, the funding will help DigiSquad expand financial access across Africa, especially in underserved areas. Bishmen Kumalo founded DigiSquad in 2015. Since then, the company has provided services like payments consulting, digital […]
IHS Nigeria has partnered with UNICEF and the Canadian Government to support healthcare delivery in Ogun State. Together, they donated an oxygen plant to Olabisi Onabanjo University Teaching Hospital (OOUTH) in Sagamu as part of a Corporate Social Responsibility (CSR) project aimed at saving lives. IHS Nigeria announced that its team recently visited OOUTH to […]
Telecom tower companies in Nigeria are now turning to solar power to reduce fuel costs and protect the environment. These companies are installing solar systems at base stations, especially in remote areas with no access to the power grid. Some companies in advanced countries have also started similar test projects. Although solar-powered towers are still […]
EV adoption in Nigeria is not without its hurdles. The high upfront cost of electric vehicles remains a significant barrier for many potential buyers. Additionally, the limited availability of charging infrastructure continues to raise concerns about the practicality of owning an EV, especially in urban areas outside major cities like Lagos and Abuja.
As of 2022, the World Health Organization (WHO) recommends a ratio of ten doctors for every 10,000 people. However, only seven African countries meet this standard. In Nigeria, the situation is even more dire, with just four doctors per 10,000 people.
From the American West Coast to the bustling streets of Lagos and the sleek corridors of Stockholm, different cities are developing unique startup ecosystems—each with its own strengths and stumbling blocks. But what defines these ecosystems, and why are they crucial to startup success?
This fresh collaboration was highlighted when NEMA’s Director General, Mrs Zubaida Umar, visited Dr Aminu Maida, the Executive Vice Chairman of the NCC, in Abuja.
The announcement was made by Professor Suwaiba Ahmad, Minister of State for Education, during the Adolescent and Youth Ministerial Dialogue on Wellbeing, Health, and Development, held in Abuja.
For years, the cost of RoW in Nigeria has deterred internet providers from investing in infrastructure.
Strive for tech news and insights? Subscribe to our newsletter and stay up-to-date with the latest tech trends, expert insights, and exclusive content.
Start your perfect news blog or magazine with Caards, the premium WordPress theme you've been looking for.
Error: No feed found.
Please go to the Instagram Feed settings page to create a feed.
© 2022. All rights reserved by Axilthemes.
No Comments