Equity Analysis /
Kenya

Safaricom: MPesa’s premium pricing comes under the spotlight – we consider the evidence

  • MPesa has massively lifted financial inclusion in Kenya, signalling a favourable price/ value ratio for its customers

  • Despite charging more, MPesa has c90% mobile money market share; Airtel and Telkom Kenya are left fighting over scraps

  • MPesa prices have halved since 2017. Its take rate is well below EM peers. The risk from the Senate hearings appears low

Safaricom: MPesa’s premium pricing comes under the spotlight – we consider the evidence
Rahul Shah
Rahul Shah

Head of Financials Equity Research

Contributors
Rabail Adwani
Rohit Kumar
Ayobami Omole
Tellimer Research
8 November 2021
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