Kenyans transacted Ksh.35.8 trillion on M-Pesa last year

Safaricom announced that M-Pesa is still their leading revenue earner. Total transaction value grew by 21.4% to Ksh.35.86 trillion, with volumes rising by 33.5% to Ksh.21.03 billion.

During the release of audited results for FY23, Safaricom PLC attributed the rise in M-Pesa revenue to increased usage and growth of chargeable transactions per one-month active customers by 16.2%. 

“M-Pesa remains the biggest revenue earner accounting for 39.7% of service revenue,” said Safaricom board Chair Adil Khawaja, adding that “the slowdown in M-PESA growth was mainly due to macroeconomic effects on the economy which affected the business activity.”

According to the telco, while M-Pesa's monthly active customers grew by 5.2% to 32.11 million, the Average Revenue per Unit (ARPU) rose 1.9% YoY (Year over Year) to Ksh.311.28.

At the same time, the giant Telco announced that it has officially been granted the license to operate mobile money services in Ethiopia.

“We are excited that this is a great milestone following our entry into Ethiopia. This positions us to provide essential financial services to the Ethiopian population. We are looking forward to launch and roll out the service over the next few months,” said Safaricom CEO Peter Ndegwa. 

“Since the commercial launch in October, the brand is visible, deeply rooted in the Ethiopia and quickly becoming in every sense fabric of the society. The potential for Ethiopia is immense and we look forward to the future with optimism and excitement,” Ndegwa added. 

Safaricom PLC recorded a Ksh.52.5 billion profit for the financial year ending March 2023, marking a 22 per cent dip from the Ksh.67.5 billion recorded in 2022.

The group’s chairperson Adil Khawaja attributed the drop to factors like the Russia-Ukraine war and the 2022 General Election.