M-Pesa helps drive up Kenyans’ access to financial services – study
Thursday, April 4, 2019
The proportion of Kenya’s population with access to formal financial services rose to 83 percent from 75 percent in 2016, driven largely by mobile technology, a survey part-conducted by the central bank showed on Wednesday.
The East African nation is one of the world’s leaders in mobile money services, after telecoms operator Safaricom pioneered its M-Pesa service 12 years ago to cater for Kenyans without access to the formal banking network.
M-Pesa has since evolved from a basic SIM card-based money transfer application into a fully-fledged financial service, offering loans and savings in conjunction with local banks, plus merchant payments services.