Safaricom CEO Bob Collymore predicted earnings from m-Pesa would comprise more than half of the company’s revenue within four years, Reuters reported, as the mobile money platform continued to rapidly gain users in its latest financial year.
Speaking at the company’s analyst call for its fiscal 19 results (covering the year to 31 March 2019), Collymore also said the company was looking at other e-commerce revenue streams to supplement its earnings.
In its fiscal 2019, m-Pesa contributed 31 per cent of Safaricom’s total revenue compared with 27 per cent in fiscal 18.
During the recent period, revenue from its m-Pesa brand increased 19 per cent year-on-year to KES74.99 billion ($742 million). It attributed the growth to expanding user numbers, “higher velocity funds in the ecosystem” and development of new use cases.
Safaricom also increased its number of m-Pesa agents by 7 per cent to 167,000 compared to end-March 2018. The number of active customers on the platform grew 10 per cent to 22.64 million.
Over recent months the company added several new features to the platform including overdraft facilities.
The company’s total revenue for the year was KES250 billion, up 7 per cent. Net income increased 15 per cent to KES63.4 billion.Subscribe to our daily newsletter Back