M-Pesa processes more than Sh15 million every minute on the platform and an average of two mobile loans disbursed every second, Safaricom's chief financial services officer Sitoyo Lopokoiyit has said.
According to Lopokoiyit, the platform has helped deepen formal financial inclusion in the country especially driven by ubuigity of the mobile phone devices.
M-pesa was developed in collaboration with KCB Bank, and has now embedded the two digital credit facilities, M-Shawri and Fuliza provided by the telco company and Commercial Bank of Africa.
In May, Fuliza reported to have disbursed Sh45 billion in three months since its inception.
As a result, this has seen 22.6 million registered subscribers to the company.
“Over the 12 years ago, M-PESA has been credited with deepening financial inclusion to over 75 per cent. It has also accounted for 31.2 per cent, at Sh74.99 billion of our revenues in 2018,” he said during first Afr0-Asia fintech festive held yesterday.
The mobile technologies and services are expected to contribute $4.8 trillion (4.8% of GDP) globally by 2023 as countries increasingly benefit from the uptake of mobile services.
In 2018, they generated $3.9 trillion of economic value (4.6% of GDP) globally.
