(Last Updated On: October 10, 2014)
Safaricom is slowly taking over various banks’ market share in the money transfer business through its platform M-Pesa. It is now almost in the top 10 largest international money transfer agents in less than 5 years. This is attributed to to partnering with other international players in the sector, huge popularity and wide agency network.
Safaricom currently has a 4% market share with sh3.39 billion ($38.03m) passing through M-Pesa from international sources between January and August 2014. This is a growth of 11%.
Ranking list of top money transfer agents.
1. Equity Bank – 12.36 percent market share
2. Co-operative Bank – 10.36 percent
3. Diamond Trust Bank – 9.07 percent
4. KCB Bank
5. Chase Bank
6. CFC Stanbic
7. NIC Bank
8. Western Union
9. First Community Bank
Safaricom has partnered with Australia based mHITs, British firm SkyForex, Post Finance of Switzerland, London based Xendpay, Mapex, Western Union, Xpress Money, Skrill iT and World Remit.