M-PESA - Competitor Profile - Research and Markets

M-PESA is a mobile-based fund transfer and micro-level banking service available to customers of Safaricom, Kenya's largest mobile network. Introduced in 2007, the service has become a primary channel for fund transfers in the country. Originally developed as a low-cost microfinance loan repayment system, it was extended as an open platform to remit funds and make consumer payments due to its rising popularity. This was largely a result of factors such as the high cost of remitting funds through banks, a lack of banking facilities, low card penetration, minimal card acceptance infrastructure, and the high cost of dealing with cash in Kenya. Users can register for the service at authorized M-PESA agents and transfer money from an M-PESA account to recipients via mobile phone.

M-PESA users can also carry out ATM cash withdrawals as well as online and in-store payments using mobile phones. Safaricom expanded its services to include NFC-based in-store payments in May 2017. In November 2018, Safaricom introduced M-PESA Global, enabling users to make mobile cross-border fund transfers through its partnership with PayPal and Western Union. To further increase its usage, it launched M-PESA Super App for individual users and M-PESA for Business App for business customers in June 2021. In June 2022, M-PESA partnered with Visa to launch the M-PESA GlobalPay virtual card, enabling M-PESA users to shop globally at partner online merchants.

In April 2020, Vodacom and Safaricom completed the acquisition of the M-PESA brand, product development, and support services from Vodafone through a newly created joint venture.

The report provides information and insights into M-PESA including:

Detailed insight into its business
Comprehensive coverage of its products and services
Comparative assessment with key alternative payment solutions
Information on its Revenue Model and Performance Highlights
The company's important events and milestones

Scope

In March 2007, M-PESA launched in Kenya
In November 2014, M-PESA partnered with MoneyGram
In January 2019, M-PESA launched the Fuliza overdraft facility in partnership with Commercial Bank of Africa and Kenya Commercial Bank, allowing users to complete transactions even when there are insufficient funds in their M-PESA account
In January 2021, M-PESA launched M-PESA Bill Manager service for businesses, allowing them to collect and manage recurring payments such as fees, rent, and utilities
In April 2023, Kenyan mobile network operators Telkom, Safaricom, and Airtel announced the interoperability of their mobile money platforms, thus enabling T-kash, M-PESA, and Airtel Money users to make direct mobile money payments to any merchant across networks

Reasons to Buy

Gain insights into M-PESA business operations and key events
Gain insights into its product portfolio, revenue model and performance highlights
Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.