M-PESA, the mobile money platform of Kenyan telecom operator Safaricom, generated KES 100.1 billion (about $770 million) in revenue during the first half of its 2027 financial year, crossing the KES 100 billion mark for a six-month period for the first time. Revenue for the six months ended September 30, 2026 rose 13.6% from the same period a year earlier, and M-PESA now accounts for 46.3% of Safaricom Kenya's overall service revenue, cementing its position as one of the company's principal income sources.

The growth underscores the platform's steady evolution beyond simple money transfers into a wider portfolio of services spanning merchant payments, business transactions, international payments, and a growing range of financial services. Launched in 2007 as a basic phone-based money transfer service, M-PESA has since become one of the most widely cited examples of mobile money in Africa, where such platforms have extended payment and savings tools to customers who operate largely outside traditional bank accounts.

Consumer payments remained the single largest source of M-PESA revenue, contributing KES 40.8 billion, a 14% rise year-on-year. Business payments also showed strong growth, reaching KES 31 billion, up 14.7% from the prior-year period. The financial services segment — credit, savings, and related products layered on top of the platform — outpaced every other category with a 55.3% increase, generating KES 7.1 billion, while global payments, the platform's international transfer business, climbed 26.6% to KES 2.8 billion. Withdrawals were the only category to decline, slipping 0.5% to KES 18.4 billion.

Transaction activity expanded in parallel. M-PESA processed 27.4 billion transactions in the latest reporting period, a 25.2% increase over the prior year, while the total value of those transactions rose 16.6% to KES 23.6 trillion, equivalent to roughly $181.6 billion.

The way Safaricom earns from the platform is also changing. Chargeable transactions surged 48.2% to 12.9 billion, lifting their share of total transactions to 47% from 39.7% the previous year, an indication that more users are opting for services that generate direct revenue for Safaricom. The average number of chargeable transactions per monthly active user rose 31.5% to 50.9. Even so, more than half of M-PESA transactions remain free of charge, meaning the platform continues to handle a substantial volume of activity without directly billing users.

Payments have been the primary engine of M-PESA's growth, contributing approximately 75% of the revenue added during the half. Business payments, global payments, and financial services together accounted for 98.9% of the increase in transaction volumes, reflecting how the platform's expansion has been concentrated in these newer segments.

The results point to continued momentum for Safaricom's fintech division, with revenue on the rise, more customers engaging in chargeable transactions, and financial offerings expanding at a faster pace than traditional payment options. The challenge ahead will be to sustain that growth while ensuring services remain affordable for the platform's vast user base.

Taken together, the figures highlight M-PESA's evolving role within Safaricom, as the service transitions from a straightforward mobile money product into a key component of the company's financial services business.