Innovations in rural and agricultural finance: M-PESA: Finding new ways to serve the unbanked in Kenya

Susie Lonie

No 18(8), 2020 vision briefs from International Food Policy Research Institute (IFPRI)

Abstract: Over 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.

Keywords: M-PESA; Mobile Phone; rural areas; rural banking; safe money transfers; small-scale pilot programs (search for similar items in EconPapers)
Date: 2010
New Economics Papers: this item is included in nep-afr and nep-mfd
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Persistent link: https://EconPapers.repec.org/RePEc:fpr:2020br:18(8)

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