Safaricom of Kenya Talking to Banks to Grow Mobile Money
- M-Pesa transactions valued at 5.29 trillion shillings
- Warns any future shilling weakness could hurt EBITDA
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Safaricom Ltd., Kenya’s largest company by market value, is in talks with 19 banks in the East African nation to increase users of its mobile-money transfer platform, Chief Executive Officer Bob Collymore said after the company posted higher annual profits.
Safaricom’s M-Pesa product -- which offers services including money transfers, loans, betting and bill payments -- had transactions worth 5.29 trillion shillings ($52.6 billion) in the year through March, equivalent to 85 percent of the total national economic output.