Africa's largest fintech app hits 50M active users; 500K businesses transact more than $7B every month

Welcome to The Draft, a Techloy weekly series that highlights the most interesting business and financial stories in the technology industry across emerging markets globally.

This week's edition of The Draft was edited by Loy Okezie while listening to High by Adekunle Gold and Davido on Techloy Music.

Top Story

Kenyan telecom giant Safaricom announced on Tuesday that its mobile money platform M-Pesa, which is available in Kenya, Tanzania, Mozambique, DRC, Lesotho, Ghana and Egypt, has hit 50 million active users in Africa, cementing its position as the continent's largest fintech company.

According to its parent company, the fintech app has largely contributed to the growth of formal financial inclusion across Africa which has gone up by up to 55%. It also added that more than 500,000 businesses across Africa transact more than $7 billion every month on M-Pesa.

Subscribe for free today to fully access the Draft, and for as low as $5 per month for premium content, including exclusive stories and investigative reports on Techloy.