Safaricom, the Kenyan mobile operator’s mobile money transfer service M-Pesa is still not proving to be profitable, despite the growth registered is high. Safaricom CEO Michael Joseph reportedly said that M-Pesa is handling around USD 10 million in transactions each day and adding around 11,000 new subscribers daily, but the service still does not turn a profit. M-Pesa at present has around 6.5 million subscribers and 9,000 distribution agents around Kenya. “It will become profitable on its own, but it’s not there yet,” Joseph said.
Source: Wireless Federation.