Safaricom CEO Peter Ndegwa has revealed that customers on the newly launched M-Pesa Ratiba transacted Sh336 million since its launch a month ago.
Ndegwa revealed this on Thursday November 7, during the official announcement of Safaricom’s half year results in Nairobi.
He noted that over one million users have opted in, as the telco moves to enhance user experience and streamline financial transactions in the fast-rising cashless economy.
“Already over 1 million users have opted in, transacting over Sh336 million since its launch,” Ndegwa revealed.
Launched in October 2024, the Mpesa Ratiba feature available on the M-Pesa app allows users to automatically transfer funds from their wallet on a daily, weekly, monthly, or yearly basis to another person, or to pay recurring bills or subscriptions.
This innovation is the first of its kind to bring standing orders to the convenience of mobile devices. It can be used for services such as paying rent, utility bills, or school fees, among others.
According to Safaricom, the introduction of standing order builds upon its effort to transform the M-Pesa app into a comprehensive financial services hub.
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Since its launch in 2020, the M-PESA super app has grown to be a lifestyle app with over 80 mini-apps offering products and services in payments, savings and access to credit.
“With over 84 mini apps ranging from transport to wellness and insurance on the super app, we are giving our customers convenience and building an ecosystem that supports their digital savvy lifestyle,” Ndegwa added.
The CEO said the telco continues to deepen M-Pesa’s reach across the country to enhance financial inclusion among the underbanked population, while advancing the country’s progress towards a cash-lite economy.
M-pesa was launched in 2007 and has over the years enabled millions of customers to safely and securely send, receive and store money via their mobile phone.
Safaricom’s financial results for the six months ending September 30, 2024, show that M-Pesa contributed 42.9 percent of the telco’s total service revenue, generating a whooping Sh77.2 billion.
The strong performance was attributed to a 13.1 percent growth in Average Revenue Per User (ARPU) to Sh389.27.
Chargeable transactions per one-month active customers increased by 25.6 percent to 37.37. One-month active customers grew by 4.1 percent to 33.46 million while M-Pesa agents rose by 2.4 percent to 266,007.
Safaricom further noted a strong performance among money transfer products like Pochi la Biashara and merchant overdraft as Kenyans shift to cashless payments.
The number of Pochi Tills more than doubled to 869,020 while merchant overdraft (Fuliza) customers grew 72.9 percent to 52,270.
Total M-Pesa transaction value rose 10.7 percent to Sh20.85 trillion while volumes grew 30.6 percent to 17.09 billion.
The user-friendly mobile money platform has over 32 million active customers in the country and over 50 million customers across the continent. Safaricom is optimistic that the service will continue to grow in double digits.
