Kenyans Transacted Ksh 4.4 Trillion For Free On M-Pesa To December

A total of 1.7 billion free transactions were done via M-Pesa between March and December 2020 with the transactions worth 4.4 trillion shillings.

“Safaricom customers made over 1.7 billion free transactions of KSh. 4.4 trillion between April and December 2020,” said Safaricom CEO Mr. Peter Ndegwa.

During the advent of Covid-19, the Central Bank of Kenya ordered mobile money platforms to zero-rate cash transactions of up to 1,000 shillings.

“The zero-rating of M-Pesa impacted on our profits as you will see in the results. However, we are happy that we took part in empowering Kenyans when they were facing a pandemic,” said Mr. Dilip Pal, Safaricom’s Chief Financial Officer.

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• M-Pesa Currently Doing 30,000,000 Transactions Daily
• Waiver On Ksh 1000 And Below Mobile Transaction To End

Currently, M-Pesa has more than 26.8 customers with at least 220,000 businesses having onboarded the Lipa Na M-Pesa feature. At the same time, M-Pesa is said to be supporting at least 5,000,000 micro SMEs in Kenya.

M-Pesa is currently doing 30,000,000 transactions daily according to the then head of M-Pesa at Safaricom Mr. Sitoyo Lopokoyit speaking during a Stakeholders Forum organized by TechnoServe.

According to Mr. Sitoyo, M-Pesa now accounts for 80 percent of all cashless transactions in Kenya. “For every 10 cashless transactions happening in Kenya, M-Pesa accounts for 8 of them,” he said.