On any corner in Nairobi on any given day, the future of African commerce can be seen in action.From the most basic of feature phones, right up to sophisticated smartphones, M-Pesa, a mobile money service, has revolutionized how people pay each other money and do their daily financial transactions.
Since M-Pesa was pioneered by Safaricom -Kenya’s largest mobile operator with some 70% market share – it has expanded to 29.5 million active customers in 10 markets.
From AllAfrica. Story by Toby Shapshak.
They did a whopping 6 billion mobile money transactions in 2016, according to parent Vodafone, which recently sold Safaricom to its South Africa-based subsidiary Vodacom.
In 2015, M-Pesa processed $28 billion in transactions, about 44% of the country’s nearly $65 billion GDP.
Some 25 million Kenyans use the service.
Read more at AllAfrica.