Kenyans Transferred 28.3 Trillion Shillings via M-PESA in 2022

Kenyans transacted a staggering Ksh.35.86 trillion through mobile operator Safaricom’s mobile service platform M-Pesa—comparable to Vipps in Norway—over the past year, according to audited results for the financial year ending March 2023. Safaricom announced that M-Pesa remains its leading revenue earner. Total transaction value grew by 21.4% to Ksh.35.86 trillion, with transaction volumes rising by 33.5% to Ksh.21.03 billion.

During the release of the 2023 audited results, Safaricom PLC attributed the increase in M-Pesa revenue to higher usage and a 16.2% growth in chargeable transactions per one-month active customer.

“M-Pesa remains the largest revenue contributor, accounting for 39.7% of service revenue,” said Safaricom Chairman Adil Khawaja, adding that “the slowdown in M-Pesa growth was mainly due to macroeconomic effects on the economy that impacted business activity.”

According to the telecom company, while M-Pesa’s monthly active customers grew by 5.2% to 32.11 million, average revenue per user (ARPU) rose by 1.9% year-over-year to Ksh.311.28.

At the same time, telecom giant Telco announced that it has officially received a license to operate mobile money services in Ethiopia.

“We are delighted as this marks a major milestone following our entry into Ethiopia. This positions us to offer essential financial services to the Ethiopian population. We look forward to launching and rolling out the service in the coming months,” said Safaricom CEO Peter Ndegwa.

“Since the commercial launch in October, the brand is visible, deeply rooted in Ethiopia, and has quickly become a part of every facet of society. The potential for Ethiopia is enormous, and we look to the future with optimism and excitement,” Ndegwa added.

Safaricom PLC recorded a profit of Ksh.52.5 billion for the financial year ending March 2023, marking a 22 percent decline from the Ksh.67.5 billion recorded in 2022.

The Group’s Chairman, Adil Khawaja, attributed the decline to factors such as the Russia-Ukraine war and the 2022 election.