10 years of M-Pesa
As Vodafone marks the 10th anniversary of M-Pesa, the world’s leading mobile money service, it was revealed that a record 614 million M-Pesa transactions were processed during December 2016.
Vodafone now offers M-Pesa services in 10 countries: Albania, the Democratic Republic of Congo, Egypt, Ghana, India, Kenya, Lesotho, Mozambique, Romania and Tanzania.
As of the end of December 2016, M-Pesa served almost 29.5 million active customers through a network of more than 287,400 agents.
Customers register for the service at an authorised agent, often this is a small mobile phone store or retailer, and then deposit cash in exchange for electronic money which they can send to their family or friends. Once they have registered all transactions are completed securely by entering a PIN number and both parties receive an SMS confirming the amount that has been transferred. The recipient, who does not have to use the same network, receives the electronic money in real-time and then redeems it for cash by visiting another agent.