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M-Pesa News

In March, Kenyan telecom operator Safaricom announced a move that on the surface appeared counterintuitive – for a 90-day period, it made all person-to-person (P2P) transactions under $9 free on the popular mobile money service M-Pesa. Daily transaction limits on the platform have also been increased from $660 to $1,415 for small and medium-sized enterprises. Safaricom earns a quarter of its revenue from M-Pesa’s 20.5 million customers, mostly in Kenya and Tanzania. In another move, Safaricom has joined with SA’s Vodacom to acquire the M-Pesa brand from Britain’s Vodafone. The firms said that the acquisition of M-Pesa’s brand, product development and support services from Vodafone was done through a newly-created joint venture.

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Alastair Tempest

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