Safaricom lines up M-Pesa for minors
The junior version of the M-Pesa app targeting individuals below 18 years will be a first in the country's fintech sector as the telco moves to beat rising competition.
Safaricom chief executive Peter Ndegwa disclosed this during the company’s investor briefing last week but stopped short of giving more details as the product is still under development.
M-Pesa, with an active customer base of 30 million, has become Safaricom’s largest revenue earner, bringing in Sh107 billion in the year to March 2022.
“We’ve seen significant improvement in M-Pesa usage both on the individual side in the average number of transactions per customer which have almost doubled and also on the merchant side,” said Mr Ndegwa.
The telco, which is East Africa’s most profitable company, has embarked on an aggressive push to expand its financial services ecosystem which is centred around the M-Pesa Super App.
The App has recorded 5.3 million downloads as of March this year with more than 462,000 users downloading the Business App.A junior version of the M-Pesa app will be a first in the country’s fintech sector and could give Safaricom a steady pipeline of subscribers in the wake of increasing competition.
