Safaricom is pushing M-PESA deeper into Kenya’s retail investing market

Safaricom, Kenya’s largest telecom operator, is expanding M-PESA’s presence in retail investing after assets in its money market fund more than doubled.

Assets under management in Ziidi fund sold through M-PESA more than doubled to KES 18.7 billion ($145 million) in the year ended March 2026. Total wealth assets on the platform rose to KES 21 billion ($162 million), according to results released on Thursday.

The expansion pushes Safaricom deeper into businesses long dominated by banks, fund managers, and brokerage firms. After building Kenya’s largest mobile payments platform, the company is now trying to keep more of its customers’ savings, investments, and financial activity within M-PESA.

In February, Safaricom launched Ziidi Trader, a new service that allows customers to buy and sell listed securities on their mobile phones, further extending M-PESA into retail investing.

The expansion points to M-PESA’s move from a transaction platform to a broader financial services business. Kenya’s mobile money market is already mature, with person-to-person transfers and merchant payments deeply embedded in daily commerce. M-PESA processed KES 41.7 trillion ($323 billion) in transactions during the year and now serves nearly 41 million active users across payments, transfers, and merchant services

M-PESA revenue rose 13.4% to KES 182.7 billion ($1.41 billion) during the year, accounting for 45.6% of Safaricom Kenya’s service revenue, up from 44.2% a year earlier. Transaction volumes rose 25.1% to 46.4 billion, while transaction values increased 8.9% to KES 41.7 trillion ($323 billion).

The strategy also signals a shift in financial habits among younger consumers, many of whom are increasingly saving, borrowing, and investing through mobile platforms rather than bank branches. Retail investing in Kenya remains limited, with access largely restricted to institutional and wealthier investors, leaving room for platforms with mass distribution and low entry barriers.

Safaricom’s scale gives it an advantage few financial institutions can match. Merchant numbers on M-PESA rose 71% to 3.1 million, helped by growth in Pochi la Biashara, a payment product targeting small businesses and informal traders.

Safaricom said it plans to introduce more savings, investment, insurance, and international money transfer services in the coming financial year, increasing pressure on Kenyan banks already competing with M-PESA for deposits, payments, and consumer lending.

“In FY27, we will accelerate growth by deepening customer value through more personalised, affordable, and integrated propositions, while scaling M-PESA’s next frontier across merchant solutions, credit, savings, insurance, wealth, and cross-border payments,” Safaricom CEO Peter Ndegwa said on Thursday.