The number of active users of the M-Pesa Visa card increased by 62% over the past year, Safaricom reported this week, though average spending per customer declined. The growth in cardholders contributed to a broader expansion of M-Pesa's financial services, which now account for 45.6% of Safaricom's total revenue. The mobile money platform generated KES 183 billion in revenue for the fiscal year ending March 2026, according to company results.

Safaricom's overall profit rose to KES 100 billion, driven by growth in both its M-Pesa and data segments. The performance underscores the continued centrality of the mobile money service to the telecommunications operator's financial health, even as it expands into new markets and services.

Separately, the Kenya Revenue Authority (KRA) is advancing plans to integrate its real-time tax systems directly with M-Pesa. The initiative aims to streamline tax compliance for businesses by linking the KRA's electronic Tax Invoice Management System (eTIMS) and iTax platform with the popular payment channel. The integration is intended to allow for smoother declaration and payment processes.

The proposed tax system linkage represents a further blurring of lines between financial technology platforms and state functions in Kenya. M-Pesa, operated by Safaricom, has long served as a de facto financial infrastructure for millions of Kenyans, facilitating payments, savings, and credit. Direct integration with core tax administration systems would deepen this role, potentially making the platform an essential tool for business compliance.

Analysts note that the growth in M-Pesa Visa card users, while significant, coincides with a reported drop in per-customer spending. This pattern may reflect a broadening of the card's user base to include more customers with moderate transaction needs, or a shift in economic conditions affecting disposable income. The card, which links to a user's M-Pesa account, allows for offline payments and international transactions, expanding the utility of the mobile money balance beyond the phone-based ecosystem.

The developments occur within a Kenyan fintech landscape where mobile money penetration is already high, but innovation continues to focus on integrating services with daily commercial and regulatory life. Safaricom's results and the KRA's integration plans highlight the dual trajectory of M-Pesa: as a profitable commercial engine for its operator and as a quasi-public utility increasingly woven into the mechanics of the economy.