M-Pesa puts Safaricom on Fortune’s ‘Change the World’ firms listing

Kenyan telco giant Safaricom #ticker:SCOM has been ranked the 19th globally on a list rating companies based on how they use profits to help address social challenges.

According to the brief accompanying Fortune Magazine’s ‘Change the World’ list, Safaricom — with an estimated market value of $11,339 million (Sh1.13 trillion) — has used its M-Pesa platform to impact millions of people’s lives.

The American multinational business magazine says the mobile money transfer service Safaricom and Vodafone launched in 2007 now claims more than 30 million customers in 10 countries, mostly in remote areas far from banks.

“More than eight million of those users are in India, where state governments are employing M-Pesa to pay pensions to rural retirees, eliminating the delays and crime risks that come with shipping cash,” says Fortune.

In Kenya, the telco relies on the M-Pesa to drive products such as M-Tiba, a mobile phone service that allows people to send, save and spend funds specifically for medical treatment.

Safaricom is the second firm in the telecoms industry to feature on the top 50 list. It beat global brands such as Apple, Toyota, Microsoft, Barclays, Hilton, Siemens and Deloitte.

SOURCE: Daily Nation

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