M-PESA – Competitor Profile
- Pages: 19
- Published: July 2021
- Report Code: GDFS0516CA
M-PESA is a mobile-based fund transfer and micro-level banking service available to customers of Safaricom, Kenya’s largest mobile network. Introduced in 2007, the service has become a primary channel for fund transfers in the country.
Originally developed as a low-cost microfinance loan repayment system, it was extended as an open platform to remit funds and make consumer payments due to its rising popularity. This was largely a result of factors such as the high cost of remitting funds through banks, a lack of banking facilities, low card penetration, minimal card acceptance infrastructure, and the high costs of dealing with cash in Kenya. Users can register for the service at an authorized M-PESA agent and transfer money from an M-PESA account to recipients via mobile phone. In addition to money transfers, M-PESA users can also carry out ATM cash withdrawals as well as online and in-store payments using mobile phones. Safaricom expanded its services to include NFC-based in-store payments in May 2017. In November 2018, Safaricom introduced M-PESA Global, enabling users to make mobile cross-border fund transfers through its partnership with PayPal and Western Union.
In April 2020, Vodacom and Safaricom completed the acquisition of the M-PESA brand, product development, and support services from Vodafone through a newly created joint venture.
The report provides information and insights into M-PESA including –
– Detailed insight into its business
– Comprehensive coverage of its products and services
– Comparative assessment with key alternative payment solutions
– Information on its performance, including its revenue model
– The company's important events and milestones
– In March 2007, M-PESA was launched in Kenya.
– In March 2015, M-PESA launched mobile-based account KCB M-PESA.
– In November 2017, Safaricom launched ecommerce marketplace Masoko in Kenya, offering users M-PESA’s online payment service as the main payment method.
– In June 2021, M-PESA launched M-PESA Super App for individual users and M-PESA for Business App for business customers.
Reasons to buy
– Gain insights into M-PESA's business operations and key events.
– Gain insights into its product portfolio.
– Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
Table of Contents
Table of Contents
Products and Services
Supporting Money Transfer Services