Safaricom has announced plans to grow its e-commerce business beyond the Kenyan borders by the year 2020. The information was revealed by the Chief Financial Services Officer Sitoyo Lopokoiyit during the Afro-Asia Fintech Festival held at the start of this week.
The telecommunications firm predicts that smartphone ownership in the sub-Saharan region will reach 525 million users by the end of 2020. Safaricom intends to ride on the high level of smartphone penetration to grow its online business.
“We see endless possibilities for business beyond borders. We are currently reviewing our e-commerce proposition Masoko to ensure that we are positioned ready to take off,” said Sitoyo Lopokoiyit.
In March, Safaricom partnered with the Chinese e-commerce giant Alibaba through its platform Aliexpress.com. The deal allows shoppers on Aliexpress to pay through Mpesa.
Masoko’s primary goal is to bring the market to small businesses in every part of Kenya and to give them access to the opportunities created by the e-commerce business worldwide.
“As a telco, we are purposed to transform lives by investing in technology and knowledge that will widen the reach of the possibilities they have witnessed in the last two decades to reach right across Africa, using that pocket-sized gadget,” said Lopokoiyit.
The leading mobile service provider in East Africa has opened up its platform to more than 16000 Fintech developers from across the globe to create useful products and services for their customers.