When it comes to mobile money, Kenya is leading, and the rest of the world is playing catch up.
As M-Pesa (coined from the Swahili word ‘pesa’ meaning money) celebrates its 10th anniversary come March 2017. The United States and indeed other parts of the developed world regions have just started using smartphone payments solutions; Apple Pay, Samsung Pay, Facebook Messenger payment and Google Wallet among others.
Mobile payment has been in existence in East Africa for a long time now, and the majority of the population uses one form of mobile money or the other, with M-Pesa being most popular. The service was launched by Vodafone (a stakeholder in Safaricom) in 2007 as a simple payment solution. Given the majority of the population in Kenya don’t have bank accounts and can’t use traditional banking services as payments solution.
Today, M-Pesa boasts of over 30 million users across 10 countries and a wider range of services including the ability to pay utility bills, savings accounts, loan services, international fund transfer, and health provision. Last year, M-Pesa reached a peak rate …read more