Overview of Safaricom
Safaricom is the largest operator in Kenya, and it is known for M-Pesa. In March 2024 M-Pesa had about 32.41 million active users in Kenya, and 34.64 million active users on the platform as a whole. By December 2024, M-Pesa users had passed 34 million. In FY2024, which ended in March 2024, M-Pesa revenue was KSh 139.9 billion, up 19.4% year on year. M-Pesa has grown from basic transfers into a platform that covers credit (Fuliza, KCB M-Pesa), investment (Ziidi MMF, Ziidi Trader), and merchant payments, and it serves more than 1.5 million businesses. More than 300,000 agent outlets reach remote areas.
Safaricom leverages 4G/5G networks and the M-Pesa ecosystem to provide IoT connectivity, mobile payment integration, and digital solutions for businesses in Kenya and East Africa.
Safaricom facts
- Founded: 1997 (spun off from Kenya Posts and Telecommunications)
- Headquarters: Nairobi, Kenya
- Shareholders: Vodacom holds about 35%; the Government of Kenya is among the other shareholders
- M-Pesa users: Over 34 million (December 2024)
- FY2024 M-Pesa revenue: KSh 139.9 billion (up 19.4% year-on-year)
- Merchant network: Over 1.5 million merchants, more than 300,000 agent outlets
- Market position: Kenya's largest operator, leading in East Africa
- Network: 4G LTE, 5G NR, NB-IoT
Development History and Milestones
Safaricom was spun off from Kenya Posts and Telecommunications in 1997, and Vodacom invested in 2000. In 2007 it launched M-Pesa with Vodafone, an early mobile-payment service that changed how money moves in Kenya and East Africa. Through the 2010s M-Pesa added credit, savings, and merchant payments. In the 2020s it added the Fuliza overdraft and Ziidi investment products, and M-Pesa users passed 30 million. In 2024, M-Pesa's 19th year, users passed 40 million, including markets such as Tanzania. Safaricom is also taking 5G and IoT into commercial use.
Core Technical Capabilities
M-Pesa
An early global mobile-payment service, covering credit, investment, and merchant payments
Agent network
More than 300,000 agent outlets in cities, rural areas, and remote communities
4G and 5G
Leading coverage in Kenya for IoT and other digital services
Fintech
Products such as Fuliza and Ziidi, with M-Pesa revenue still growing
IoT Applications
Safaricom provides enterprises with mobile IoT connectivity, dedicated APN, and M-Pesa payment integration. NB-IoT covers major cities, supporting smart metering, asset tracking, and agricultural monitoring. Smart agriculture and smart city projects have been implemented in Kenya. The combination of M-Pesa and IoT can support payment scenarios such as smart vending machines and shared devices.
Competitive Advantages
- M-Pesa: A global reference for mobile payments, and a service that changed finance in East Africa
- Largest in Kenya: Market lead, with strength in the network and the brand
- Fintech range: Credit, investment, and merchant payments on one platform
- Access to finance: 300,000 agent outlets serving people without bank accounts