M-Pesa
A mobile-phone money service launched in Kenya in 2007 that became a model for mobile financial services worldwide.
- Launched
- 2007, Kenya
- Operator
- Safaricom, with Vodafone
- Name
- M for mobile, pesa is Swahili for money
How it works
Users deposit cash with a local agent and receive the balance on their phone. They can then send money, pay bills and buy goods by text-based menu, without needing a bank account or a smartphone.
Impact
M-Pesa gave millions of people their first access to formal financial services. Similar services now operate across East Africa, West Africa and parts of South Asia.
Beyond payments
Mobile money platforms have added savings, loans and insurance, and are a base for small-business payments across the continent.