Kenyan Fintech Startup M-Pesa launches it Super App

Kenya’s Safaricom has announced that its M-Pesa Super app will be released today. The release of the super app follows the prior announcement by the telecoms firm to obtain an insurance license is on track and the recent debut of its video-streaming app Baze.

The M-Pesa Super app was created in 2007 as a unit under Safaricom, the startup has since established itself as a payment service giant for unbanked populations and has revolutionized mobile money in Africa and around the world.

The M-Pesa Super app will cover other mini-applications as customers and companies utilizing Lipa Na M-Pesa may use the mini-apps to buy, connect with suppliers, and execute hundreds of functions without having to leave the M-Pesa super app, users can use the app across all of the company’s markets, including Tanzania, Mozambique, the Democratic Republic of the Congo, Lesotho, Ghana, Egypt, Afghanistan, and South Africa. The startup currently transacts about $14m a month.

CEO of M-Pesa Peter Ndegwa speaking said that Safaricom wants to tap into M-Pesa’s 26.7 million active customers to grow its savings, unit trust, and insurance products. Safaricom’s growth strategy hinges on widening M-Pesa offerings and bolster its data business.

Mr. Ndegwa also added that the telco wants to use the new products as part of the strategy to broaden M-Pesa into a financial service provider that will rival banks, insurance firms, and fund managers.