Renaissance, a research company, declared Safaricom’s M-Pesa mobile money service earned the company 7.5 billion Kenyan Shillings or approximately $94 million US last year.

The company also forecast a further 4.5 million consumers would adopt the service over the next 3 years taking the number of subscribers to 14 million. This would lead a 60% ARPU uplift, or Sh40 ($0.50 US), from Sh60 in 2009 to to Sh100 in 2013.

While it has been generally accepted that mobile money services can drive significant revenue opportunities for mobile operators in developing markets, quantifiable figures have been difficult to obtain. Renaissance’s findings will no doubt increase the confidence of other operators already deploying similar services in their own markets.

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