Since launching in 2007, Kenya’s homegrown mobile money system M-Pesa has enabled millions of people to pay for everyday goods and services, access loans, and send money all over the world. In fact, over $28 billion flowed through it in 2015, equivalent to around 44 percent of Kenya’s GDP that year. Now, after the parent company of M-Pesa spread the service to more African nations and enabled interoperability, which allows customers of M-Pesa to send money to other mobile services, it seems Africa is set to become a global leader in mobile banking.
Africa’s early mobile money success is finally set to go global
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