The Birth and Impact of Mobile Money

Mobile money services have transformed financial access in Africa, particularly highlighted by the launch of M-Pesa in Kenya. Initially created to tackle inefficiencies in microfinance, M-Pesa quickly evolved into a popular remittance and payment system, demonstrating its versatility. Within eight months of its launch in 2007, M-Pesa attracted a million users, indicating the high demand for accessible financial services among those without bank accounts. This growth has enabled M-Pesa to now service 96% of Kenyan households and handle over 50% of the nation's GDP, showcasing the significant impact mobile money has had on the economy.