MPESA, 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, pay for everything from groceries, bills, rents, and everything else. Kenya reports that use of MPESA has helped to lift 186,000 families out of poverty. That is nearly 2% of the entire population. And it has helped wealth grow across the board, helping to develop a stronger middle class.
Today, we tell the story of MPESA, and how it came to partner with banks, particularly KCB, to give all people access to banking services, to easy movement of their money, increasing their ability to save and build wealth in their lives.
© 2017 Breaking Banks