Safaricom’s M-Pesa users are reported to have moved more than Ksh 727.8 Billion (approximately $8 Billion) in 2010 according to Central Bank of Kenya statistics. This amount was move in the more than 305 Million transactions conducted in the service. The statistics are contained in the just released 2010 annual bank supervision report. The reports puts daily movement of cash to more than Ksh 2.3 Billion. Revenue from M-Pesa in 2010 stood at Ksh 11,78 Billion up from Ksh 7.56 Billion in 2009.
The report reads;
Some of the notable mobile money solutions launched during the year include; M-Kesho, Mobicash, Orange money, Yu-cash, Elma, Pesa-Pap, Pesa-Connect among others. M-Pesa was still the most widely used method of mobile money transfer as evidenced by the 305.7 million transactions effected and valued at Ksh. 727.8 billion in the year
The report does not talk much of what Zap, Yu-Cash, or Orange Money achieved. But I indulged Orange Kenya Corporate Communications head, Angela Mumo. She says that the Orange Money is unique in that you can make larger transactions which is in actual fact up-to 3 times bigger than the maximum you can make in M-Pesa. You can also make an inter or intra-bank transfer easily and have the records updated in real-time.
Angela say that Orange Money launched around the end of 2010 and it took time for it to pick up though the service handled more than Ksh 50 Million by end of 2010 which is still impressive.
It would be of much interest to me to see what Orange Money, Zap, YuCash and others accomplished. It will also be good to note that most of the other services run by banks and Saccos runs on the four services so they don’t have much uniqueness. Elma is another new entrant with much promise but its adoption is not known yet.