Safaricom`s Lipa Na Mpesa To Start Receiving Money From Competitors

In the National Payments Strategy for 2022 to 2025, the Central Bank of Kenya (CBK) plans to introduce a system that will enable continuous transfers of money through merchants like Safaricom`s Lipa Na Mpesa.

The Lipa Na Mpesa platform will start to receive payments from their competitors like Airtel Money and T’Kash. This process is anticipated to stop Safaricom`s dominance in Kenya`s mobile money market.

“It allows customers to seamlessly transact across the ecosystem irrespective of their provider,” CBK said in the report.

The plans by CBK come months after Safaricom declared that the retrieval of mobile money transactions has led to a 12.1% rise in its net profit for the first half of the 2022 financial year.

In 2021, there were over 2.2 billion transactions translating to a total value of over Ksh 6.9 trillion. The value of mobile money transactions has increased from 23% in 2010 to 60% in 2021.