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Kenya seeks M-Pesa-type success with revamped payment systems regime

Kenya seeks M-Pesa-type success with revamped payment systems regime

KENYA is set to open its fintech market to M-pesa challengers, with the Central Bank's (CBK) recent push for a new licensing regime to stimulate growth and innovation. This move is expected to diversify the financial services available to Kenyan consumers and businesses while allowing a wider range of fintech firms to compete. Among those vying for these new licenses are Nigerian fintech powerhouses Flutterwave and Chipper Cash, alongside a host of other ambitious applicants. A new push to further liberalise Kenya's mainstream digital payments market that gave M-pesa an edge comes just six months after Flutterwave was let off…
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What next for Safaricom after M-PESA buyout?

What next for Safaricom after M-PESA buyout?

SAFARICOM PLC, Kenya’s largest telco, has fully acquired M-PESA Holdings Co. Limited, consolidating control of its mobile money service and cash cow, M-PESA. Its buyback of M-PESA from Vodafone's subsidiary Vodacom highlights its growth as a mature, independent African entity in the global telecommunications arena. In April 2020, Safaricom and South Africa's Vodacom completed the acquisition of the ubiquitous mobile money platform from Britain's Vodafone. Experts argue the new buyout, which was finalised on October 15, 2023, could mark a turning point in the company's push for profitability beyond its East African home turf. Safaricom will now have sway over…
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West Africa edges East Africa as mobile money hotspot

West Africa edges East Africa as mobile money hotspot

EAST Africa has lost its mantle as the engine of growth for Africa's dynamic mobile money sector to West Africa, according to GSMA State of the Industry Report (SOTIR) 2023. East Africa - where the continent's mobile money behemoth, M-PESA, is domiciled - boasted the highest activity rate in the region as recently as 2020 but it has since declined for two consecutive years. In contrast, West Africa's activity rates have risen consistently since 2018 and active mobile money accounts grew by 25% between 2021 and 2022. "Not only are more people registering for mobile money accounts, but many who…
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M-PESA eyes global remittances market’s multi-trillion dollar surge

M-PESA eyes global remittances market’s multi-trillion dollar surge

SETH ONYANGO, BIRD STORY AGENCY WITH global remittances set to reach US$5.4 trillion by 2030, according to a specialised UN agency, African fintech darling M-PESA wants to grab a piece of the pie. The Kenya fintech behemoth is ramping up an ambitious expansion drive to woo markets in the global North. According to the UN specialised agency, International Fund for Agricultural Development (IFAD), in the 2021/22 forecast period, remittance flow (US$605 billion) was more than triple the total amount of official international development assistance (US$178.6 billion). With forecasts showing global money transfer markets will cross the trillion dollar mark as soon…
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