Kenyan mobile money users top 23m
GSMA’s Mobile Money for the Unbanked (MMU) has released a comprehensive infographic on the state of mobile money adoption in Kenya.
The infographic indicates that 23,018,500 people, or 74% of the adult population, now use mobile money services.
MMU says this is testimony to how technological innovations coupled with a supportive policy environment and appropriate oversight can enhance the level of financial inclusion and economic growth. The launch of M-PESA in 2007 was a critical breakthrough that provided insights on the use of mobile phone platforms to facilitate a basic payment service that could open many opportunities to increase financial inclusion in Kenya, improving the efficiency of financial services by expanding access and lowering transaction costs.
Mobile money has over the years grown from a money transfer platform to a payment platform and now many new products ride on the M-PESA platform. Some of those products, like M-Shwari, allow low-income and unbanked people to accumulate capital through savings and affordable credit. The Kenyan Journey to Digital Financial Inclusion is an infographic that chronicles the development of mobile money in the country tracing how policy decisions and product innovations worked together to connect three quarters of the Kenyan people to electronic payments and other products.