M-Pesa, the Swahili word for money, is Kenya’s mobile money system developed by Safaricom. It has literally transformed the ability for people to work, save, and pay for everything, from groceries, bills, rents and everything else. Kenya reports that use of M-Pesa has helped to lift 186,000 families out of poverty. That’s nearly 2% of the entire population. And it has helped wealth growth across the board, helping to develop a stronger middle class.
Today, we tell the story of M-Pesa, and how it came to partner with banks, particularly KCB, to give all people access to banking services, for easy movement of their money, increasing their ability to save and build wealth in their lives.
Featuring: Josua Oigara (CEO of KCB), Eddie Ndichu, Bob Collymore (CEO of SafariCom), Patrick Njoroge (governor of the Central Bank of Kenya) and Aaron Fu (managing partner of Nest Ideas).
You can listen to more episodes of Breaking Banks, and other fintech shows, on the BankNXT podcast page. Enjoy!
– This podcast is reproduced with kind permission. Some minor changes may have been made to the text to reflect BankNXT style considerations, but the podcast itself is always unchanged. Listen to more here. Photo: Brian Harries, Flickr Creative Commons