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Safaricom records billions in mobile money profit

Safaricom"s M-Pesa announces success in its mobile money venture

Kenya's largest telecommunication provider Safaricom made sh 50 billion ($423.8million)in profits through its subsidiary M-Pesa in the mobile money business. The telecom operator made this known in its latest annual reports, identifying how M-Pesa has contributed to nearly half of its total gross earnings. Founded in 1997, Safaricom was built solely as a subsidiary of Telkom Kenya, a telecommunication network. Still, recent reports suggest the mobile money business has been the most profitable venture for Safaricom, making M-Pesa a more renowned name.

Source: M-Pesa

Safaricom is a company known for its diversity in services, as the company is known for its footings in electronics, cloud computing, music streaming and others. However, one has stood out amongst others. The annual reports have become a major confidence booster, as Safaricom will look to improve its strategy around M-Pesa to increase the growth records. In addition, the report has shown how much more people in Kenya and East Africa are embracing digital financial services. These indications are perfect for promoting the financial inclusion drive in the continent.

Moving forward, Safaricom will seek to continue selling limitless possibilities and convenience to the global market through M-Pesa and reinforcing its over 100,000 agents. M-Pesa's success leaves a bold statement for rivals like Airtel Money, T-Kash and Equitel Money on its commitment to retaining the number one spot in market dominance and users' hearts.

Kenya in focus:

Population: 53.77 million in 2020 as compared to 52.57 million in 2019

GDP: $98.84 billion compared to $95.5 billion in 2019

GDP per capita: $1,838 in 2020 compared to $1,816 in 2019