The pioneering mobile money tranfer service M-Pesa which began in Nairobi, Kenya, is now making inroads into Europe. With a launch in Bucharest this year, the company is hopeful that the estimated 35% of Romanians without a bank account will use the mobile wallet system.
M-Pesa: Out of Africa —
The pioneering mobile money tranfer service M-Pesa which began in Nairobi, Kenya, is now making inroads into Europe. With a launch in Bucharest this year, the company is hopeful that the estimated 35% of Romanians without a bank account will use the mobile wallet system.
TONY KARUMBA/AFP/Getty Images/file
M-Pesa has nearly 17 million active customers and as many as 186,000 agents worldwide. Customers make more than €900 million (US$1.1 billion) worth of person-to-person transactions a month.
M-Pesa: Out of Africa —
M-Pesa has nearly 17 million active customers and as many as 186,000 agents worldwide. Customers make more than €900 million (US$1.1 billion) worth of person-to-person transactions a month.
TONY KARUMBA/AFP/Getty Images/file
When Safaricom partnered with Vodafone to launch M-Pesa in 2007 the intention had been to develop a system for women, usually the recipients of microfinance, to repay micro-loans cheaply and quickly.
M-Pesa: Out of Africa —
When Safaricom partnered with Vodafone to launch M-Pesa in 2007 the intention had been to develop a system for women, usually the recipients of microfinance, to repay micro-loans cheaply and quickly.
Courtesy Safaricom
Kenyans use M-Pesa to pay school fees, taxes, traffic fines, and more recently it's been extended to give people the ability to save and to borrow.
M-Pesa: Out of Africa —
Kenyans use M-Pesa to pay school fees, taxes, traffic fines, and more recently it's been extended to give people the ability to save and to borrow.
Getty Images
Within five years, M-Pesa contributes almost 20% of Safaricom's total revenue and has been rolled out in Egypt, India, Lesotho and Mozambique. While it was originally designed for and aimed at those at the bottom of the pyramid, M-Pesa is used by almost everyone that needs to move money in Kenya, allowing users to transfer between US$1,500--US$1,600 per day.
M-Pesa: Out of Africa —
Within five years, M-Pesa contributes almost 20% of Safaricom's total revenue and has been rolled out in Egypt, India, Lesotho and Mozambique. While it was originally designed for and aimed at those at the bottom of the pyramid, M-Pesa is used by almost everyone that needs to move money in Kenya, allowing users to transfer between US$1,500--US$1,600 per day.
AFP/Getty Images