This archive report was first published on 18 July 2019.
Kenyan telecommunications giant Safaricom aims to take its e-commerce business global by 2020, according to Chief Financial Services Officer Sitoyo Lopokoiyit.
Speaking at the Afro-Asia Fintech Festival on July 15, 2019, Lopokoiyit revealed that the company predicts smartphone ownership in the sub-Saharan region will reach 525 million users by the end of 2020.
With smartphone penetration expected to soar, Safaricom intends to ride the wave to grow its online business, particularly through its e-commerce platform Masoko.
‘We see endless possibilities for business beyond borders. We are currently reviewing our e-commerce proposition Masoko to ensure that we are positioned ready to take off,’ Lopokoiyit said.
As part of its expansion plans, Safaricom has partnered with Chinese e-commerce giant Alibaba through its platform Aliexpress.com, allowing shoppers on Aliexpress to pay through Mpesa.
Launched in March, Masoko aims to bring the market to small businesses in every part of Kenya and provide them with access to global e-commerce opportunities.
‘As a telco, we are purposed to transform lives by investing in technology and knowledge that will widen the reach of the possibilities they have witnessed in the last two decades to reach right across Africa, using that pocket-sized gadget,’ Lopokoiyit added.
