This archive report was first published on 10 October 2019.
Published on October 10, 2019, M-Pesa has made a significant impact on the lives of Kenyans, with over 195,000 families alleviated from extreme poverty.
At an event in Philadelphia, economists from the Massachusetts Institute of Technology (MIT) and Georgetown University praised M-Pesa for its innovative approach to financial inclusion.
"This recognition reflects the incredible progress we have made in the project management profession and demonstrates how the fabric of our world has been shaped and continues to be shaped, by the hard work of bringing ideas to life," said Sunil Prashara, President and CEO of Project Management Institute (PMI).
M-Pesa, a service provided by Safaricom, has a vast network of 1,100 suppliers, 400 active dealers, and over 167,000 agents who benefit directly from the service.
The mobile money transfer service has contributed up to Ksh.75 billion in revenue to Safaricom and currently serves 26 million active customers.
PMI noted that M-Pesa beat over 1,000 projects to be listed among the top 50 most influential projects globally.
Speaking after receiving the award, Michael Joseph, interim CEO of Safaricom, said: "We are honored to receive this accolade and global recognition which is a true testament to our impact on society. This recognition further underlines M-Pesa's commitment to our customers and its transformation to the country which has seen financial inclusion in Kenya grow by more than 50 percent in the last 12 years to stand at more than 82 percent today."
