MPESA on an expansion spree as Safaricom targets Nigeria, Ethiopia

Touted as Africa’s biggest innovation in financially inclusive services, MPESA, a mobile money service delivered by Safaricom PLC has set sights on Nigerian and Ethiopian markets.

According to Safaricom’s interim CEO, Michael Joseph, the huge populations in the two countries provider a potentially buoyant opportunity and could serve as gateways to other environments in Africa.

MPESA, in existence since 2007, currently accounts for a third of Safaricom’s revenues. The product delivered a revenue contribution of Sh. 75 billion in the 2018/2019 financial year.

While Nigeria has equally strong mobile money players, such as MTN, Michael Joseph insisted that MPESA had the capacity to realize substantive penetration in these areas.

MPESA
MPESA

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