Safaricom’s mobile money service is looking to expand into Ethiopia and Nigeria according to the interim CEO Michael Joseph. The innovative service has tremendously grown since its launch in 2007.
In their last financial report, Mpesa contributed KSh75 billion, close to a third of Safaricom’s revenue in that year. The service is projected to be Safaricom’s primary revenue earner in the next three years contributing more than 50 percent of the company’s earnings.
The mobile service also partnered with global payment services such as Paypal, WeChat, and AliExpress, which drove up revenues.
Nigeria and Ethiopia are some of the most populous countries in Africa, with over 100 million residents each. Mpesa’s expansion into these economies will provide a big market for M-pesa, particularly the Ethiopian market, which is largely untapped.
However, the money transfer platform is expected to face stiff competition from big players in the Nigerian market, such as MTN.
