Kenyan telco giant Safaricom is very well known for its mobile money transfer service – M-Pesa. This has not only boosted the company profit margin but has also gotten it to be ranked 19th globally on a list rating companies based on how they use profits to help address social challenges
According to the brief accompanying Fortune Magazine’s ‘Change the World’ list, Safaricom — with an estimated market value of $11,339 million (Sh1.13 trillion) — has used its M-Pesa platform to impact millions of people’s lives.
The American multinational business magazine says the mobile money transfer service Safaricom and Vodafone launched in 2007 now claims more than 30 million customers in 10 countries, mostly in remote areas far from banks.
“More than eight million of those users are in India, where state governments are employing M-Pesa to pay pensions to rural retirees, eliminating the delays and crime risks that come with shipping cash,” says Fortune.
In Kenya, the telco relies on the M-Pesa to drive products such as M-Tiba, a mobile phone service that allows people to send, save and spend funds specifically for medical treatment. It has also revolutionized banking systems, education and many more.
Safaricom is the second firm in the telecoms industry to feature on the top 50 list. It beat global brands such as Apple, Toyota, Microsoft, Barclays, Hilton, Siemens, and Deloitte
With the introduction of the Mpesa Global, a service that enables one to send money across the world, Safaricom aims to root itself deep into the African ecosystem and finally get a grip of the entire world feeling