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Is fin-tech the new panacea for poverty alleviation and local development? Contesting Suri and Jack’s M-Pesa findings published in Science

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  • Milford Bateman
  • Maren Duvendack
  • Nicholas Loubere

Abstract

Financial technology, or simply ‘fin-tech’, is increasingly seen as one of the key tools to facilitate poverty reduction and local economic development. One article in particular by Tavneet Suri and William Jack published in the leading publication Science has played a hugely influential role in promoting the fin-tech model in the global South using the example of Kenya’s iconic M-Pesa money transfer platform. The authors’ central claim is that M-Pesa has been instrumental in facilitating a major episode of poverty reduction. Our analysis shows that their analysis and claims are extremely problematic.

Suggested Citation

  • Milford Bateman & Maren Duvendack & Nicholas Loubere, 2019. "Is fin-tech the new panacea for poverty alleviation and local development? Contesting Suri and Jack’s M-Pesa findings published in Science," Review of African Political Economy, Taylor & Francis Journals, vol. 46(161), pages 480-495, July.
    • Handle: RePEc:taf:revape:v:46:y:2019:i:161:p:480-495
    DOI: 10.1080/03056244.2019.1614552
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    Citations

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    Cited by:

    1. Seng, Kimty, 2021. "The mobile money’s poverty-reducing promise: Evidence from Cambodia," World Development Perspectives, Elsevier, vol. 22(C).
    2. Muez Ali & Laura Mann, 2023. "Misaligned Social Policy? Explaining the Origins and Limitations of Cash Transfers in Sudan," Development and Change, International Institute of Social Studies, vol. 54(4), pages 841-869, July.
    3. Boou Chen & Chunkai Zhao, 2021. "Poverty reduction in rural China: Does the digital finance matter?," PLOS ONE, Public Library of Science, vol. 16(12), pages 1-27, December.
    4. Abdul Karim Kamara, 2024. "The Impact of Financial Inclusion on Economic Growth and Poverty Reduction: Empirical Evidence from sub-Saharan Africa," International Journal of Science and Business, IJSAB International, vol. 32(1), pages 16-33.
    5. Juanita Salinas & Susana Sastre-Merino, 2021. "Social Capital as an Inclusion Tool from a Solidarity Finance Angle," Sustainability, MDPI, vol. 13(13), pages 1-22, June.
    6. Maren Duvendack & Lina Sonne & Supriya Garikipati, 2023. "Gender Inclusivity of India’s Digital Financial Revolution for Attainment of SDGs: Macro Achievements and the Micro Experiences of Targeted Initiatives," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 35(6), pages 1369-1391, December.
    7. Angela Tritto & Yujia He & Victoria Amanda Junaedi, 2020. "Governing the gold rush into emerging markets: a case study of Indonesia’s regulatory responses to the expansion of Chinese-backed online P2P lending," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-24, December.
    8. Bert Van Roosebeke & Ryan Defina & Paul Manga, 2021. "E-Money and Deposit Insurance in Kenya," IADI Fintech Briefs 6, International Association of Deposit Insurers.
    9. Bryane Michael & Nataliya Koroleska & Andy Tai & David Wai Ho Wong, 2022. "A critical look at using financial technology policy to promote the sustainable development goals," Sustainable Development, John Wiley & Sons, Ltd., vol. 30(6), pages 1911-1920, December.
    10. Lazzarini,Sergio G., 2022. "The Right Privatization," Cambridge Books, Cambridge University Press, number 9781316519714.
    11. Ozili, Peterson K, 2020. "Contesting digital finance for the poor," MPRA Paper 101812, University Library of Munich, Germany.
    12. Thereza Balliester Reis, 2022. "Socio‐economic determinants of financial inclusion: An evaluation with a microdata multidimensional index," Journal of International Development, John Wiley & Sons, Ltd., vol. 34(3), pages 587-611, April.

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