M-Pesa has been rated as one of the top 10 most influential financial projects in the world by Project Management Institute (PMI) in its 2019 most influential project list.
According to Safaricom CEO Michael Joseph, the global recognition came along with its commitment to financial inclusion in the country for the last 12 years since inception.
“We are honoured 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,” said Joseph,
Besides its contribution to the growth in financial inclusion in the country, M-Pesa has also been credited with financial transformation.
In 2017, economists from MIT and Georgetown University found that M-Pesa lifted more than 195,000 Kenyan families from extreme poverty by empowering customers with the agency to receive money from any other phone user in the country.
“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. This list demonstrates PMI’s vision of how excellence in project execution will be critical in meeting the challenges and opportunities of tomorrow ,” said Sunil Prashara, President and CEO of Project Management Institute.
Nonetheless, M-Pesa also came out to be among top 50 most influential projects in the world for the last 50 years.
More than 1,000 projects were considered by a group of 400 leaders in the global project management community, including PMI chapter leaders and members, as well as academics and industry experts.
M-Pesa’s impact in society extends through its ecosystem of more than 1,100 suppliers, 400 active dealers and more than 167,000 agents who benefit directly from the service.
M-Pesa accounted for the most growth this year with revenue up by 19.2% to Ksh. 74.99 Billion. Person-to-person transactions, and New Business contributed largely to M-Pesa’s growth. It contributed to Safaricom’s 14% rise in net income to Ksh. 63.4 billion this year,