Safaricom, Kenya’s biggest mobile network provider, has predicted that within three years its pioneering digital payments business Mpesa will generate more revenue than all other parts of the business combined.
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Safaricom bets future on mobile payments Mpesa
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Driven by a 19 per cent increase in revenues at Mpesa, the company reported annual service revenue of Ks240.3bn ($2.4bn) for the financial year to the end of March, an increase of 7 per cent. The mobile payments platform, which is used by two out of every five Kenyans to send money and pay for goods and services, generated almost a third of total revenues and will surpass 50 per cent in three years, said Mr Collymore.
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