Safaricom has injected Sh 407 million in its M-Pesa global business as it strives to increase M-Pesa users by expanding the mobile money platform ecosystem across the globe.
The international money transfer business, branded M-Pesa Global, enables users to send/ receive money in partnership with platforms such as SkyForex, WorldRemit, Western Union, PayPal, AliExpress among others.
The telco made the investment through Instaconnect Limited, which it acquired in 2010 and has previously provided content services.
In its annual report, the firm says that the investment is also expected to boost the M-Pesa business operations which will have a positive impact on the full-year reported results ending March 2020.
“The company rolled out the international money transfer business through its 100 percent owned subsidiary, Instaconnect Limited, and injected additional capital by acquiring assets worth Sh397 million and a cash transfer of Sh10 million,” part of the report stated.
The annual M-Pesa revenue has been growing rapidly, in the year ended March 2018, it rose 19.2 percent to Sh75 billion.
M-Pesa Global handled Sh101 billion of all diaspora remittances that got into the country in the year ended March.
The M-Pesa service was launched in 2007 and it has received praises for revolutionizing mobile payments in Africa and across the globe, it also operates in India, Tanzania, Lesotho, Egypt, Democratic Republic of Congo, Ghana, among others.
Featured Image Courtesy: Safaricom.co.ke