Breaking Banks
What The Future Looks Like in Finance and Fintech: Jo Ann Barefoot, Nick Hughes and Brett King Live From Virgin Unite
Apr 17, 2025
Join Brett King as he chats with Nick Hughes, the father of M-Pesa and a pioneer in mobile money, and Jo Ann Barefoot, a fintech regulation expert. They delve into the fascinating origins of M-Pesa and its profound cultural impact in Kenya. The discussion shifts to the intersection of fintech innovation and regulation, highlighting how collaboration can drive financial inclusion. They also explore the potential of fintech in tackling global challenges, including climate change and carbon markets, emphasizing a future where technology serves society's needs.
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Quick takeaways
- The evolution of M-PESA exemplifies how mobile technology can significantly enhance financial inclusion and empower underserved populations.
- Cross-sector collaboration is vital for fostering innovative solutions to address global challenges like poverty and climate change.
Deep dives
The Impact of M-PESA on Financial Inclusion
M-PESA, established 18 years ago, has become a significant model for financial inclusion in Kenya and across Africa, now servicing 61 million customers. Initially designed to provide a mobile-based microfinance model, it evolved into a peer-to-peer money transfer service, enabling individuals to store and transfer money via basic mobile technology. This innovation transformed the financial landscape, increasing financial inclusion from 24% to nearly 100% of the adult population in Kenya. The success of M-PESA illustrates how mobile technology can facilitate substantial economic empowerment and accessibility to financial services.
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