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Mozambique: M-Pesa Hits $15 Billion in Transactions
12:49 CAT | 29 May 2024
File photo: M-Pesa Moçambique Facebook
The digital wallet M-Pesa, operated by Vodacom Mozambique, the leading mobile payment service in the country, handles approximately 945 billion meticais ($15 billion) annually, representing 80% of the national Gross Domestic Product (GDP). This information was disclosed by the company’s CEO, Sérgio Gomes, during the 1st edition of the CEO Forum Angola 2024, recently held in the city of Luanda, as reported by Forbes Africa Lusophone.
“The numbers are significant when compared to those of Kenya, where the company handles approximately 31.5 billion meticais ($500 billion),” stated Sérgio Gomes, who emphasized the strong reliance of the informal sector on M-Pesa transactions: “this volume of transactions is largely driven by the informal sector, which is often not fully accounted for in the GDP. Nevertheless, it reveals the impact of having ten million users and a large number of merchants integrated into our platform.”
The CEO further highlighted the comparability of the data: “these numbers are significant, especially when compared to the Kenyan market, where M-Pesa manages to reach 31.5 billion meticais ($500 billion).”
The mobile wallet M-Pesa, a partnership between Vodacom Group and Safaricom, is, according to the article, the most successful mobile payment platform in the African continent, becoming a vital source of revenue for both telecommunications companies.
Source: Diário Economico
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