M-Pesa, Vodafone’s mobile financial services has reached 50 million monthly active customers, cementing its position as Africa’s largest fintech platform.
The mobile money service, which was launched more than 14 years ago in Kenya, M-Pesa is available in Kenya, Tanzania, Mozambique, the Democratic Republic of Congo, Lesotho, as well as in Egypt and Ghana as Vodafone Cash.
18 months after Safaricom and Vodacom launched the M-Pesa Africa joint venture to accelerate growth of the service across the continent. M-Pesa Africa has been delivering digital platforms as part of its focus to be the largest fintech and digital ecosystem across the continent.
M-Pesa became an even more important platform for customers during the pandemic with transaction volumes increasing 44% year-on-year in the first quarter of the current financial year. The number of transactions grew to 4.5 billion in the quarter – with a total transaction value of €63 billion.
Commenting on this milestone, Patricia Obo-Nai, CEO of Vodafone Ghana, said, “We are excited because this milestone affirms that we are impacting more lives and businesses whilst liberalising the mobile money platform to embrace all.
“In Ghana we have also seen a seismic shift in the sheer volume and frequency of monetary movement across networks as a result of our complete removal of transaction charges on money transferred to any network via Vodafone Cash.
“This bold step has broadly expanded digital financial inclusion and brought immense financial and economic relief to our individual consumers as well as business clients.”
Vodafone Cash is known for its secure mobile money platform and leadership in innovative financial products.
Vodafone Cash continues to emphasize its commitment to playing an integral role in the country becoming a cash-lite society through its numerous Vodafone Cash interventions.
