Latest stories tagged “mobile money”
Kenya has solidified its status as a leading digital financial market, bolstered by widespread mobile money adoption and a growing cashless payment ecosystem. The mobile merchant payments sector has seen consistent growth, primarily fueled by Safaricom's Lipa na M-Pesa platform, which has significantly enhanced mobile retail transaction volumes.
On June 24, the National Computer and Cybercrime Coordination Committee in Kenya announced plans to collaborate more closely with banks and mobile network operators to enhance the recovery of mistakenly sent mobile money transfers. This initiative aims to address a rise in cybercrime cases in the country, as highlighted in a recent cybercrime status report.
Equity Bank has launched a new feature called Secure Float Purchase, aimed at enhancing transaction controls for customers buying float through approved agents. This feature introduces a verification framework that requires customers to pre-authorize trusted agents before transactions can occur. The initiative is a response to increasing risks of mobile money fraud, according to TechTrends KE.
Vodacom's FY2026 integrated report highlights the evolution of its My OneApp, which aims to create a super app ecosystem in Kenya. This development follows the success of Safaricom's M-PESA, which has transformed mobile money services from basic transfers to a comprehensive economic platform. My OneApp is set to incorporate 221 mini apps and has already attracted 9.4 million users, marking a significant shift in mobile financial services.
Kenya's mobile money sector experienced significant growth in the third quarter of the 2025/26 financial year, with subscriptions increasing from 51.4 million to 53.4 million between January and March 2026, according to the Communications Authority of Kenya. This represents a quarterly growth rate of 3.9%, amounting to approximately two million new subscriptions.
Safaricom's Pochi La Biashara is a mobile money service designed to support small and medium-sized businesses in Kenya. It offers various features, charges, and benefits tailored to entrepreneurs, including those in sectors like retail and transportation. The service aims to streamline cash flow management for users as their businesses expand, addressing common financial challenges faced by business owners, according to Tech-ish.
According to the latest TCRA report, Tanzania's telecom subscriptions reached 111.9 million in the first quarter of 2026, with significant growth in mobile, internet, and mobile money services. 5G population coverage increased to 32.83%, while internet data traffic rose by 15.3% to 932 petabytes. Mobile money accounts reached 80.98 million, internet subscriptions hit 58.9 million, and smartphone penetration rose to 42.5%, indicating a strong demand for broadband and digital financial services.