SAFARICOM EYES MASOKO EXPANSION BEYOND KENYA BY 2020

From right : chief officer, financial services at Safaricom, Sitoyo Lopokoiyit, welcomes H.E. President Uhuru Kenyatta, senior coordinating minister, social policies Singapore Tharman Shanmugaratnam and Central Bank of Kenya Governor Dr. Patrick Njoroge to the Safaricom tent during the first day of the inaugural Afro-Asia Fintech Festival held at the Kenya School of Monetary Studies.
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Safaricom has announced plans to expand its e-commerce proposition Masoko to other countries in Sub-Saharan Africa by the year 2020. This is on the backdrop of an expected growth of smart phones in the region estimated to hit over 525 million users by the end of next year.

 “We see endless possibilities for business beyond our borders. We are currently reviewing our e-commerce proposition Masoko to ensure that we are positioned for a take-off. Most  families in Kenya have access to at least one mobile phone, making it possible to use these devices as powerful tools for social and economic development,” Sitoyo Lopokoiyit, chief financial services officer, Safaricom, said.

 The announcement follows a partnership in March this year, where Safaricom signed a deal with Chinese run online store under Alibaba Group Aliexpress.com to expand its e-commerce reach in the country by using  M-Pesa as a payment option. The ambition for the Masoko platform is to bring the market to small businesses wherever they are in Kenya, and to give them access to opportunities presented by the rapid growth of e-commerce across the globe.

 “As a telco, we endeavour to transform lives by investing in technology and knowledge that will widen the reach of the possibilities our customers have witnessed in the last two decades to reach the African continent using the mobile phones,” said Lopokoiyit. In the spirit of innovation, Safaricom has so far opened its platform to over 16,000 fintechs to develop relevant products and services to customers.

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