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Oct
27
2023
By SETH ONYANGO, BIRD STORY AGENCY
What next for Safaricom after M-PESA buyout?

What next for Safaricom after M-PESA buyout?

BUSINESS
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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Apr
20
2023
By SETH ONYANGO, BIRD STORY AGENCY
West Africa edges East Africa as mobile money hotspot

West Africa edges East Africa as mobile money hotspot

BUSINESS
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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Feb
18
2023
By The African Mirror
M-PESA eyes global remittances market’s multi-trillion dollar surge

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

NEWS
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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