Safaricom, Kenya's leading telecommunications provider, has launched Shiriki Pay, a new service that enables controlled sharing of M-PESA mobile money accounts among multiple users. The feature marks a significant expansion of M-PESA's functionality in East Africa's largest mobile money market.
The launch comes as Safaricom continues to dominate Kenya's mobile money sector through M-PESA, which processes millions of transactions daily. The Central Bank of Kenya recently approved a $1.6 billion stake transaction involving Safaricom, underlining the company's strategic importance in the country's financial ecosystem.
Shiriki Pay allows primary M-PESA account holders to set spending limits and monitor transactions for linked users, addressing a long-standing need for controlled account sharing among families and businesses. The service builds upon M-PESA's existing infrastructure while adding new control mechanisms for shared access.
The development arrives amid increasing competition in Kenya's mobile money sector, with rival Airtel Money planning to launch an overdraft service to challenge Safaricom's Fuliza product. Safaricom's M-PESA platform is also exploring blockchain technology integration, signaling the company's push to maintain its market leadership through innovation.
Recent regulatory changes in Kenya's mobile money landscape, including new health levy deductions through M-PESA, have highlighted the platform's central role in the country's financial infrastructure. Shiriki Pay represents Safaricom's latest effort to expand M-PESA's utility while maintaining control over shared transactions.