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Africa's largest fintech app hits 50M active users; 500K businesses transact more than $7B every month

Africa's largest fintech app hits 50M active users; 500K businesses transact more than $7B every month

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Kenyan telecom giant Safaricom announced on Tuesday that its mobile money platform M-Pesa, which is available in Kenya, Tanzania, Mozambique, DRC, Lesotho, Ghana and Egypt, has hit 50 million active users in Africa, cementing its position as the continent's largest fintech company.

According to its parent company, the fintech app has largely contributed to the growth of formal financial inclusion across Africa which has gone up by up to 55%. It also added that more than 500,000 businesses across Africa transact more than $7 billion every month on M-Pesa.

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