M-PESA, the mobile money service operated by Safaricom, reached 40 million monthly active users in Kenya as it marked its 19th anniversary in March 2026. The milestone represents an addition of 6 million users over the preceding 12 months, compared with a base of 34 million monthly active users recorded in 2024, and demonstrates that the platform continues to deepen its penetration of the Kenyan market despite already holding a dominant position.
The platform processes approximately 100 million transactions daily, with infrastructure capable of handling 4,000 transactions per second — metrics that reflect both the volume of economic activity flowing through M-PESA and the technical investment Safaricom has made to scale the platform's capacity. The agent network supporting the service spans 381,000 individuals and businesses across Kenya, forming a physical distribution layer that complements the digital platform.
NINETEEN YEARS OF MOBILE MONEY EXPANSION
Launched in 2007, M-PESA has grown over nearly two decades from a simple peer-to-peer transfer service into a broad financial platform that encompasses payments, savings, credit, and investment products. Its penetration of the Kenyan adult population is among the highest of any mobile money service globally, and the platform has become a central piece of financial infrastructure for millions of Kenyans who conduct everyday transactions through their mobile phones rather than through conventional bank branches.
The addition of 6 million users in a single year is notable given the platform's already high penetration among mobile phone owners. Reaching incremental users at this stage implies continued uptake among segments previously outside the formal financial system, as well as sustained deepening of engagement among existing users who conduct more of their financial activity through M-PESA than they did previously. Both dynamics point to a platform that is expanding the effective market for digital financial services rather than simply redistributing existing usage.
The agent network of 381,000 provides a physical layer of cash-in and cash-out infrastructure that remains critical even as digital transactions grow in scale and variety. Many users continue to rely on agents to convert between digital money and physical cash, particularly in rural and peri-urban areas. The density of the network is a structural competitive advantage that any new entrant would find both expensive and time-consuming to replicate.
NEW PRODUCTS EXTEND PLATFORM DEPTH
Safaricom has added investment and lending capabilities to the M-PESA platform in recent periods. The Ziidi Investment platform, which received regulatory approval in November 2024, allows users to access investment products directly through M-PESA, extending the range of financial services available beyond payments and basic credit facilities. The Ziidi Trader product offers additional investment functionality, while the Fuliza facility provides eligible users with short-term credit to cover transaction shortfalls.
These additions reflect a deliberate strategy to evolve M-PESA from a payments network into a more comprehensive financial services platform. The approach mirrors a direction taken by other leading mobile money operators across Africa and Asia, where large user bases built on payments are increasingly leveraged to distribute savings, insurance, and lending products at scale and at lower distribution cost than conventional financial institutions can achieve.
The combination of user growth, transaction volume, and broadening product range suggests that M-PESA retains significant headroom for revenue expansion beyond its established money-transfer function. As Safaricom continues to develop and scale financial products alongside the core payments business, the 40 million monthly active user base in Kenya provides a substantial captive audience for further cross-sell, product adoption, and increased engagement.