Kenya's M-Pesa, Safaricom and Mobile-Money Rules — 2026-10-08
Safaricom has aggressively expanded its financial services portfolio this week with the launch of "Ziidi Shari’ah," a new Shari’ah-compliant money market fund accessible via M-Pesa. Simultaneously, the company partnered with Pesapal to introduce next-generation payment features like AI Pay and Scan-to-Pay, aiming to reduce transaction friction for businesses. These moves come as M-Pesa maintains its dominant market share, recently reported at 88.8% of mobile money subscriptions in Kenya.
Kenya's M-Pesa, Safaricom and Mobile-Money Rules — 2026-10-08
Top developments
Safaricom Launches Ziidi Shari’ah Money Market Fund
On October 7, 2026, Safaricom launched Ziidi Shari’ah, a new money market fund designed to offer Shari’ah-compliant investment options to M-Pesa customers. The product allows users to invest starting from just KES 100, offering daily variable returns through a partnership with Gulfcap Investment Bank (GCIB). This expansion targets a significant demographic in Kenya and East Africa that has previously been underserved by conventional financial products, potentially increasing the stickiness of the M-Pesa platform by offering savings instruments alongside lending products like Fuliza.
Next-Generation Payment Features Rollout with Pesapal
Safaricom announced a collaboration with Pesapal to roll out next-generation payment experiences, including Scan-to-Pay, Tap-to-Pay, and AI Pay. These features are designed to streamline transactions for both businesses and consumers across Kenya. AI Pay specifically allows M-PESA users to scan printed or handwritten receipts to automatically fill in Till or PayBill details, reducing manual entry errors and speeding up the checkout process.
Privacy Feature "Jumbe" Introduced
In a move addressing user privacy concerns, Safaricom introduced a feature called "Jumbe" on October 6, 2026. This feature allows M-PESA users to prove that a payment has been made without exposing their account balance, full name, or phone number to the recipient or third parties. This is particularly relevant for split payments or situations where users wish to maintain financial privacy while verifying transaction completion.
M-Pesa Ethiopia Expands Developer Ecosystem
M-PESA Ethiopia, in partnership with Yenetta Code, conducted a hackathon to train 100 young developers in digital payments. This initiative aims to foster local fintech innovation and support the growth of digital payment solutions in Ethiopia. While specific financial figures for this week were not disclosed, this aligns with Safaricom’s broader strategy to deepen its footprint in Ethiopia, where it recently passed 15 million subscribers.
Local view
Local media outlets like Capital FM Kenya have highlighted the shifting consumer tolerance for transaction costs, noting that while the habit of using mobile money is entrenched, users are increasingly sensitive to fees. The article argues that low-cost digital banking will win out, suggesting that Safaricom’s recent fee adjustments and new value-added services are strategic responses to this sentiment.
TechWeez reported on the practical implications of the new "Jumbe" feature, emphasizing its utility for users who want to verify payments without compromising their financial privacy, a common concern in social and business transactions.
Context & numbers
- Market Share: Safaricom’s M-Pesa maintains a dominant position with an 88.8% market share of mobile money subscriptions in Kenya as of mid-2026 data.
- Subscriptions: Total mobile money accounts in Kenya reached 54 million by June 2026.
- Transaction Volume: In June 2026 alone, agent cash-in and cash-out volumes reached 212 million transactions worth KShs 682 billion.
- Agent Network: There are approximately 572,000 active agents facilitating these transactions.
- Revenue Contribution: In the fiscal year ending March 2026, M-Pesa accounted for 45.6% of Safaricom’s Kenyan service revenue.
On the radar
- Ethiopia Breakeven: Safaricom Ethiopia is still targeting breakeven by March 2027, despite passing 15 million subscribers. Investors are watching for signs of network build acceleration vs. cost containment.
- Fuliza Growth: Fuliza disbursements hit KSh 1.47 trillion in FY2026, driving financial services revenue up 20.6% year-on-year. Continued growth in this overdraft product remains a key metric for Safaricom’s profitability.
- PawaPay License: PawaPay has secured a Bank of Mozambique license to onboard merchants directly, with M-Pesa connectivity already established. This signals deeper cross-border interoperability potential in Southern Africa.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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