M-Pesa, the mobile money service operated by Kenyan telecoms giant Safaricom, has been named among the world's top 100 cross-border payment platforms by FXC Intelligence, a financial data and research firm. The recognition, announced in early June 2026, places the East African fintech pioneer alongside global financial institutions and technology companies in a ranking of services that facilitate international money transfers.
The ranking, which assesses platforms on factors including transaction volume, geographic reach, and service reliability, highlights M-Pesa's evolution from a domestic mobile money transfer system into a significant player in the regional and global remittance landscape. Launched in 2007, M-Pesa now serves tens of millions of users across several African countries, processing billions of dollars in transactions annually and becoming a cornerstone of financial inclusion in East Africa.
This international accolade for M-Pesa arrives as the service faces potential fiscal challenges in its home market. The Kenyan government's Finance Bill 2026, currently under parliamentary consideration, includes a proposal to increase the value-added tax (VAT) on fees for financial services. According to an analysis by Techweez, this change could raise the effective tax rate on M-Pesa transaction charges from the current 15% to 33.4%.
The proposed tax adjustment is part of broader government efforts to increase revenue. If enacted, the higher VAT would be applied to the fees users pay for services like sending money, withdrawing cash, and paying bills through the M-Pesa platform. Industry observers note that such an increase could alter the cost-benefit calculation for millions of Kenyans for whom low-cost transactions are essential.
M-Pesa's inclusion in the FXC Intelligence list underscores its success in expanding beyond peer-to-peer transfers to offer a wider suite of financial services, including savings, credit, and merchant payments. Its cross-border capabilities, particularly through partnerships with other mobile money networks in Africa, have been a key growth area, facilitating remittances within the continent and from the diaspora.
The dual developments of global recognition and domestic tax pressure reflect the complex environment in which African fintech leaders operate. While they achieve scale and sophistication that draws international attention, they remain subject to local regulatory and fiscal policies that can significantly impact their operations and user adoption. The outcome of the Finance Bill debate in Kenya will be closely watched by the fintech sector across the region.