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M-PESA and financial inclusion in Kenya: of paying comes saving?


  • Antoine Dubus

    (Télécom ParisTech)

  • Leo van Hove

    (VUB - Vrije Universiteit Brussel [Bruxelles])


Mobile financial services are said to promote inclusion. However, only 7.6 per cent of Kenyans have ever saved on an M-PESA account. This paper uses a novel, three-step probit analysis to identify the socio-demographic characteristics of, successively, respondents who do not have access to a SIM card, have access to a SIM but do not have an M-PESA account, and, finally, have an account but do not save on it. We find that those who are left behind are predominantly those who would benefit most from formal saving, namely the poor, the non-educated, and, in the final step, also women.

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  • Antoine Dubus & Leo van Hove, 2017. "M-PESA and financial inclusion in Kenya: of paying comes saving?," Working Papers hal-01591200, HAL.
  • Handle: RePEc:hal:wpaper:hal-01591200
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    References listed on IDEAS

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    1. David Mhlanga, 2020. "Industry 4.0 in Finance: The Impact of Artificial Intelligence (AI) on Digital Financial Inclusion," IJFS, MDPI, vol. 8(3), pages 1-14, July.
    2. Hasbi, Maude & Dubus, Antoine, 2019. "Determinants of Mobile Broadband Use in Developing Economies: Evidence from Nigeria," 2nd Europe – Middle East – North African Regional ITS Conference, Aswan 2019: Leveraging Technologies For Growth 201730, International Telecommunications Society (ITS).
    3. Baptiste Venet, 2019. "Fintech and Financial Inclusion," Post-Print hal-02294648, HAL.

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    More about this item


    financial inclusion; saving; Kenya; mobile financial services; M-PESA;
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