Mpesa Tag

Necessity is the mother of invention, and in Africa it has been the mother of innovation. While the continent is vastly different, the level of innovation has been interesting to watch, largely fuelled by the equalizing nature of technology and mobile telephony. Most discussions of the origins of Africa’s tech movement circle back to Kenya in 2007, when Kenyan telecom Safaricom launched the M-PESA mobile money product. M-PESA allows people to store money on mobile accounts and make simple transfers via SMS messaging — you don't even need a smartphone to use it. MPESA (known popularly as mobile money) is an innovative technology which allows people to send money and conduct other financial transactions using their mobile phones. M-PESA has grown from Kenya and is now being replicated in many countries such as India, Afghanistan,Egypt, Ghana, and even countries in Eastern Europe, among others. Groups that typically have limited access to formal financial services have benefited from the financial products offered through M-Pesa. Africans are more Mobile, and Mobile is the Future The proliferation of mobile phone networks has transformed communications in sub-Saharan Africa. It has also allowed Africans to skip the landline stage of development and jump right to the digital age." Essentially, Africa leaped over the PC era and landed directly in the mobile revolution. Which is why we are better at mobile money that others. The rise of M-PESA is largely due the dominance of mobile on the continent. Because of M-PESA, Kenya is the leading e-commerce capital of the world. This one app moves an entire third of the Kenyan GDP among its 15 million, mostly rural,...