Kenyans’ transaction value on M-Pesa rose by 10.7% in the first 6 months of 2024 reaching 20.85 trillion shillings. The number of one-month active customers grew by 4.1% to 33.46 million, while M-Pesa agents increased by 2.4% to 266,071.
As a result, Safaricom generated KSh77.22 billion in revenue during the first six months of the year—a 16.6% increase in the company’s unaudited half-year results.
The revenue surge has been fueled by a 13.1% year-over-year (YoY) rise in average revenue per user, according to the telecom giant. “Chargeable transactions per one-month active customer increased by 25.6% to 37.37,” Safaricom stated, highlighting M-Pesa’s expanding footprint in mobile money transactions.
Other key indicators also saw substantial growth, with Pochi tills—M-Pesa’s solution for small businesses—more than doubling to 869,023 users. Merchant overdraft customers increased by a striking 72.9% to reach 52,272, a development CEO Peter Ndegwa attributed to Safaricom’s ongoing support for SMEs. “We have seen outstanding performance in products like Pochi la Biashara and the merchant overdraft as we continue supporting SMEs within our ecosystem,” Ndegwa said.
In addition to M-Pesa’s gains, Safaricom PLC reported a 21.7% jump in net earnings for the half-year, with total group service revenue rising by 14% to hit KSh181.4 billion. This growth was largely driven by the Kenyan market, where service revenue climbed by 12.9% to KSh177 billion, boosting EBIT and net income by 18% to KSh79.2 billion.
Reflecting on the milestone, Ndegwa remarked, “This performance, achieved as we celebrate 24 years of connecting and transforming Kenyans’ lives, underscores the relentless execution of our strategy.”
The half-year results underscore M-Pesa’s role as a cornerstone of Safaricom’s growth, as the platform continues to broaden its reach in Kenya’s digital economy.
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