A version of this post was originally published in Capital Business magazine.
In 2007, Safaricom, the leading telecommunications operator in Kenya, launched M-Pesa, a mobile payments service aimed at improving access to financial services for the Kenyan population. Due to Kenya’s geographical vastness, poverty, and underdeveloped banking system, some 80% of Kenyans were excluded from the formal financial sector at the time. This entails a lack of access to modern payment instruments and other banking services, to consumer credit and to insurance.
Topics: Alternative finance