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.