With global remittances set to reach $5.4 trillion by 2030, according to a specialized UN agency, African fintech darling M-Pesa wants to grab a piece of the pie. The Kenyan fintech behemoth is ramping up an ambitious expansion drive to woo markets in the global North. According to Aly-Khan Satchu, Economist and CEO of the investment advisory firm Rich Management Ltd, M-Pesa is effectively targeting a two-way flow with a recently announced partnership with Amazon. The move into new markets is a natural and needed progression for M-Pesa, which has already established a strong track record of innovation and growth in Africa. At the same time, M-Pesa wants to be the platform of choice for Africans in the diaspora, sending billions back home. Last year, Africans living abroad sent $54 billion back home. This approach will allow the service to build on its existing expertise and relationships while leveraging the knowledge and resources of local partners to ensure a smooth roll-out. One of the keys to M-Pesa’s success will be its ability to adapt to the unique needs and requirements of each market.
SOURCE: QUARTZ AFRICA