Safaricom’s latest financial results reinforce M-Pesa’s role as the bedrock of Kenya’s digital economy, while also underscoring its growing influence in Ethiopia. This expansion not only strengthens Safaricom’s financial performance but also reshapes how consumers and businesses interact with money across borders. What is emerging is a powerful example of how mobile money platforms are no longer just tools for peer-to-peer transfers but are evolving into critical infrastructure for commerce, retail, and financial inclusion.
In FY2025, M-Pesa’s revenue in Kenya rose by 15.2%, reflecting its continued dominance in digital payments. Safaricom as a whole reported record revenues of US $3 billion, driven largely by mobile money and mobile data services, with its customer base expanding by 16% to 57.1 million users. These headline figures tell only part of the story: beneath them lies a deeper shift in consumer behaviour and business adoption.
M-Pesa’s success in Kenya has long rested on its trusted agent network, which provides accessibility and reliability even in remote areas. Yet, a new wave of urban and digitally native consumers is increasingly moving toward app-based transactions. This dual system offers an unmatched advantage for scaling fintech across Africa, showing how consumer preferences are actively shaping product evolution.
The story in Ethiopia is equally instructive. By extending M-Pesa Global to support cross-border transactions, Safaricom has tapped into regional trade flows and diaspora remittances, key lifelines of African economies. Partnerships with local fintechs, such as LakiPay, are enabling merchants to accept M-Pesa at the point of sale, a development that not only eases cashless retail adoption but also generates fresh consumer insights on spending patterns in emerging markets. Plans to layer credit and savings products onto this base further illustrate how digital finance is becoming embedded in the fabric of daily commerce.
For startups and SMEs, the opening of Safaricom Ethiopia’s APIs signals a new frontier. It lowers barriers for innovators to build on top of a trusted payment system, enabling new business models and consumer experiences. This mirrors a broader trend in African fintech where payments are no longer standalone services but the foundation for integrated retail solutions, spanning checkout, loyalty, credit, and even supply chain engagement.
The evolution of M-Pesa’s strategy highlights a wider truth about Africa’s digital economy: financial services are inseparable from consumer insights. Each transaction, whether through an agent in rural Kenya or a merchant app in Addis Ababa, offers a window into how Africans spend, save, and adapt to new financial tools. For policymakers, investors, and businesses alike, the dual trajectory of M-Pesa provides a glimpse into the future, one where mobile money does not just facilitate trade but defines the infrastructure of modern commerce in Africa.
