M-PESA: Finding new ways to serve the unbanked in Kenya
AbstractOver the past three years, payment strategies for emerging markets have been revolutionized by the advent of a simple cell-phone-based payment service in Kenya called M-PESA (“M” for “mobile” and “pesa” for “money”). From a small-scale pilot program in 2006, M-PESA has become an outstanding success in Kenya; customer response has been unprecedented. Currently, more than 9 million Kenyans use M-PESA to perform tens of millions of transactions every month throughout the country. Although this success has led to new opportunities, it has also brought about many unforeseen challenges.
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Bibliographic InfoPaper provided by International Food Policy Research Institute (IFPRI) in its series 2020 vision briefs with number 18(8).
Date of creation: 2010
Date of revision:
M-PESA; Mobile Phone; rural areas; rural banking; safe money transfers; small-scale pilot programs;
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