M-PESA processes Ksh41.7T in a year – Here’s where the money went
By Mustafa Juma, July 11, 2026M-PESA processed an eye-watering Ksh41.68 trillion worth of transactions in the year ended March 2026, cementing its position as the backbone of Kenya’s digital economy and underscoring how deeply the mobile money platform has become woven into everyday financial life.
The figure, revealed in Safaricom’s FY2026 Annual Report, represents one of the largest annual transaction volumes ever recorded by a mobile money platform in Africa.
It comes as M-PESA continued to power everything from household payments and business transactions to government services, international remittances and savings products.
The milestone also helped propel M-PESA to another record year, with revenue rising 13.4 per cent to Ksh182.7 billion, making financial services nearly as large a business as Safaricom’s traditional telecommunications operations.
More than just sending money
When M-PESA launched in Kenya in 2007, it was primarily designed as a simple money transfer service.
Nearly two decades later, it has evolved into a fully fledged financial ecosystem supporting millions of consumers, businesses and government agencies.
According to Safaricom, the Ksh41.68 trillion processed during the financial year flowed through a wide range of services, including person-to-person transfers, merchant payments through Lipa na M-PESA, utility bill settlements, salaries, school fees, government collections, international money transfers and digital financial products.
The platform has also expanded into wealth management, credit, insurance and business payments, reducing Kenya’s dependence on cash while accelerating financial inclusion.
M-PESA closes in on Safaricom’s telecom business
The report highlights how rapidly Safaricom’s business model is shifting.
M-PESA generated Ksh182.7 billion in revenue during FY2026, compared to Ksh197.9 billion earned from connectivity services such as voice, SMS and internet.
The narrowing gap reflects the company’s transition from being primarily a telecommunications operator to becoming a technology and financial services company.
At the same time, mobile data continued to record robust growth, with revenue increasing 14.4 per cent to Ksh83.4 billion, driven by rising smartphone adoption, video streaming, digital content consumption and increased demand for online services.
Fixed internet and Internet of Things (IoT) services also posted strong growth, generating Ksh20.2 billion, up 12.2 per cent from the previous financial year.
Record financial performance
Safaricom’s Kenya business delivered one of its strongest performances on record during the financial year.
The company reported:
- Service revenue: Ksh400.8 billion, up 10 per cent.
- EBITDA: Ksh233.9 billion, an increase of 13.7 per cent.
- EBIT: Ksh182.3 billion, up 15.3 per cent.
- Net income: Ksh119.1 billion, representing growth of 24.7 per cent.
- Operating free cash flow: Ksh173.6 billion, up 16.7 per cent.
The results underline the resilience of Safaricom’s diversified business model, with growth increasingly being driven by financial services and digital products rather than traditional voice revenues.
Where the money went
While the Ksh41.68 trillion figure represents the total value of transactions flowing through M-PESA rather than money retained by Safaricom, it illustrates the scale of economic activity facilitated by the platform.
The transaction value includes billions of shillings moving daily through Person-to-person money transfers, payments to merchants using Lipa na M-PESA, utility bills and school fees, government payments and collections, international remittances, business-to-business and enterprise transactions, savings, and investment and digital credit products.
For many businesses, M-PESA has become the preferred payment method, allowing customers to complete transactions instantly without cash.
Government agencies have also increasingly integrated M-PESA into service delivery, enabling citizens to pay taxes, licence fees and other public charges digitally.
Driving Kenya’s digital economy
Beyond its financial performance, Safaricom says its digital ecosystem continues to play a significant role in Kenya’s economy.
According to the annual report, the company contributes an estimated 5 per cent of Kenya’s Gross Domestic Product (GDP) and supports more than 1.3 million jobs directly and indirectly through its operations and value chain.
The report also notes that the Government of Kenya has received Ksh242.3 billion in value since becoming a shareholder in Safaricom 18 years ago.