Safaricom has announced a Lipa Na M-PESA milestone with the number of businesses on the service crossing 200,000.
Launched in 2012, Lipa Na M-PESA empowers businesses to make and receive payments from any customer or any other business across the country.
The service particularly caters to businesses by providing higher transaction and account limits, more secure payments and easy integration with business systems and other financial services.
“More than ever, an increasing number of businesses are discovering the numerous advantages of cashless payments resulting in high growth for Lipa Na M-PESA. We continue to add more features and tools with a goal of empowering our business customers to grow and better manage their businesses,” said Peter Ndegwa, CEO, Safaricom.
Recent months have seen an increase in the uptake of Lipa Na M-PESA as more businesses, especially small businesses, have adopted cashless payments and gone online in response to COVID-19.
The rush by businesses in taking up the service has also been to meet growing uptake of Lipa Na M-PESA amongst Kenyans, with customers using the service increasing by 1 million since January 2020 to more than 6 million today.
The Retail sector leads in business usage of the service, followed by Hospitality (Hotels, Restaurants and Bars, and Catering), then General Trade, and Distributors.