The United States Ambassador to Kenya, Meg Whitman, has hailed Kenya’s mobile money transfer platform, M-Pesa, as a groundbreaking technological achievement.
Speaking at the US-Africa business roundtable in San Francisco, Ambassador Whitman expressed admiration for M-Pesa’s innovative success, highlighting its potential to solve global challenges.
Kenya’s Game-Changing Invention
Ambassador Whitman underlined the significance of M-Pesa, which was introduced in 2007 and rapidly evolved to become the world’s largest mobile money network by 2010, generating annual revenues exceeding USD 1 billion. She noted that M-Pesa, with over 60,000 developers today, addresses one of the most critical issues in mobile money: secure and convenient payments.
“M-Pesa is extraordinary. It exemplifies the brilliant minds in Kenya that are crafting African solutions to global problems,” Ambassador Whitman remarked. With a presence in seven countries and over 50 million customers, M-Pesa plays a pivotal role in Kenya’s financial ecosystem, handling 70 percent of the nation’s transactions and supporting over five million businesses.
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Driving Economic Transactions
Ambassador Whitman shared an astonishing statistic: “59 percent of Kenya’s annual GDP flows through M-Pesa, and 70 percent of Tanzania’s GDP is channelled through the platform.” She emphasised M-Pesa’s importance, both as a national and regional financial force. Its widespread use extends even to remote areas, making it the preferred payment method for many Kenyans.
M-Pesa allows users to conveniently pay for various services using their mobile phones, eliminating the need to carry cash. In a recent development, Uber and Safaricom entered into a partnership to simplify trip payments for riders across Kenya through M-Pesa. This collaboration builds on an earlier agreement between the telecommunications company and UberEats, enabling consumers to use M-Pesa for deliveries while riders receive their earnings through the same platform. The latest partnership aims to facilitate weekly payments to drivers who may not have bank accounts, enhancing financial inclusivity.
Empowering Financial Inclusion
M-Pesa’s success story underscores Kenya’s leadership in digital innovation and financial inclusion. By revolutionising mobile money transactions, the platform has transformed the way Kenyans manage their finances, providing secure, efficient, and accessible services to millions. It serves as a model for addressing financial challenges both within Africa and globally, demonstrating the potential for technology-driven solutions to drive positive change.
Unlocking Opportunities for Economic Growth
Ambassador Whitman’s praise for M-Pesa reflects the global recognition of Kenya’s innovation and its capacity to tackle complex challenges. As Kenya continues to lead the way in technological advancements, the country’s entrepreneurs and innovators are poised to contribute to solving not only Africa’s but also the world’s most pressing issues. M-Pesa stands as a testament to Africa’s ingenuity and the potential for homegrown solutions to shape the digital landscape and drive economic growth.
About M-PESA
M-pesa, the pioneering mobile payment platform in Africa, continues to strengthen its presence on the continent, with over 40 million users and processing more than a billion transactions every month. Launched on March 6, 2007, by Safaricom, a subsidiary of Vodafone, M-Pesa has expanded its reach with over 604,000 active agents serving customers across multiple African nations.
M-Pesa has played a pivotal role in advancing financial inclusion across Africa. The platform operates in Kenya, Tanzania, Lesotho, the Democratic Republic of Congo, Ghana, Mozambique, and Egypt, providing millions of people with access to secure and convenient mobile payment services. Notably, approximately 25% of all M-PESA customers now have access to smartphones, and this figure continues to grow by 10% annually.
M-Pesa’s growth and innovation are emblematic of Africa’s dynamic technology landscape. As more users gain access to smartphones and mobile connectivity, M-PESA’s reach and impact are expected to expand further, driving financial inclusion, economic empowerment, and fostering a culture of innovation.
In a world increasingly dependent on digital technologies, M-Pesa’s success story serves as an inspiration for nations across Africa and beyond, highlighting the transformative power of innovation in addressing global challenges and fostering economic prosperity.
