For delivering cutting-edge mobile technology that allowed Kenya to leapfrog past more advanced economies and start a banking revolution
M-Pesa, mobile money transfer, financing, and microfinancing service, has been ranked as the 9th most influential project in the world over the last 50 years by the Project Management Institute (PMI).
M-pesa, a brand under Safaricom, Kenya’s biggest carrier has passed Google, Netflix. “For delivering cutting-edge mobile technology that allowed Kenya to leapfrog past more advanced economies and start a banking revolution,” said PMI.
“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 Michael Joseph, CEO Safaricom.
By 2019, M-Pesa had 31.8 million active users in Kenya alone.
M-pesa was launched in 2007, to allow customers to use simple text messages to send money, make deposits and withdrawals, and purchase airtime minutes.
According to PMI, this is a first-of-its-kind ranking for PMI that celebrates the most impactful projects from the past 50 years and highlights how project management has helped turn these ideas into reality.
The Most Influential Projects list recognizes projects that have transformed their sectors and the entire business landscape—from technology to healthcare, infrastructure to architecture, finance to entertainment.
The Top 10 Most Influential Projects
- World Wide Web – For connecting everyone and everything
- Apollo 11 – For proving risk management and out-of-this-world ambitions can make the impossible possible
- Intel® 4004 Microprocessor – For democratizing the power of computing*
- The Euro – For flawlessly executing the largest monetary changeover in history
- Human Genome Project – For rising above usual silos to unlock the building block of humanity and enable unparalleled innovations in medicine, biotech and life sciences
- Alibaba® Singles Day – For creating the largest e-commerce day in the world and fundamentally shifting how people shop*
- Prius® Car – For driving the auto industry toward a more sustainable future*
- Live Aid® Concert – For reimagining the magnitude and model of philanthropy with a major dose of celebrity*
- M-Pesa® Mobile Microfinancing Platform– For delivering cutting-edge mobile technology that allowed Kenya to leapfrog past more advanced economies and start a banking revolution*
- Svalbard Global Seed Vault – For building the ultimate insurance policy for the world’s food supply
Today, M-Pesa has evolved into a full financial services solution. Users can still make small payments and exchange cash, but they also pay bills, receive paychecks and social grants, and access loans and saving products offered in partnership with local banks. It now ranks as the dominant financial services app across Africa, processing 11 billion transactions last year.
M-PESA’s impact 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. It has also contributed up to KES 75 billion in revenue to Safaricom and has grown to serve more than 26 million active customers today.