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Safaricom’s mobile money transfer service, MPESA has soared to Sh5.2trillion as of March 2016 – the highest deal value since March 2007 when it handled Sh10.3million.
As of the end of December 2016, M-PESA served close to 29.5 million active customers through a network of more than 287,400 agents in the ten countries where Mpesa is used, and 6 billion transactions were processed in 2016 alone, peaking in December 2016 at 529 transactions every second.
Despite a series of ‘political shockwaves,’ the mobile phone-based money transfer, financing and micro financing service has similarly seen its customer base swell by more than 16million up from 20,000 over the same period.
A report by KPMG which performed an evaluation of the social value created by M-PESA using Social Return on Investment principles (SROI), focusing on the true value and true earnings of the service, found that Mpesa’s customers had, by far benefitted financially from the platform, as the Safaricom marks 10 years since M-PESA’s launch in March, 2007.
SROI is an open-source, principles-based methodology used to account for social change created as a result of certain investments or activities.
The ten year study of M-PESA’s impact finds that the Social Value generated by M-PESA grew from Sh83 million in 2007 to Sh184 billion by the end of March 2016, with M-PESA customers regarded the biggest beneficiary of this social value, receiving a return in value of Sh160 billion as a stakeholder group in the financial year ending 2016.
“The social value MPESA has generated for customers continues to exceed the financial benefits to Safaricom in each of the years since its inception,” said Neil Morris, Climate Change & Sustainability Director, KPMG South Africa.
“Year after year, the role played by M-PESA in customers’ lives has widened as Kenyans embrace the platform for a greater number of services,” said chief executive of Safaricom Bob Collymore.
Mobile phone is a preferred mode of savings in the country, with 60 per cent of Kenyans having their savings in services such as M-PESA, M-Shwari and KCB M-PESA.