Launched as a pilot project in March 2007 (with help from a Vodafone investment and aid from the Danish government), M-Pesa already has more than 15 million users, 80% of Safaricomâ€™s customers. The company now controls 75% of Kenyaâ€™s mobile phone market.
â€œThe funds transferred by M-Pesa are equal to 25% of the countryâ€™s GNP,â€ said Sitoyo Lopokoiyit, an economist at the company. Itâ€™s even more remarkable when you consider that most of the transactions are for fifty cents (U.S.) or less.
Kenyans use the service today to pay for water and electric and cable bills, as well as for their childrenâ€™s schools. They can use it to make purchases at certain stores, even mom-and-pop shops.
They can withdraw or deposit their money through a network of more than 2,000 sales points throughout the country, where they can buy the scratch cards containing the codes needed to fill their account.
â€œM-Pesa makes peopleâ€™s lives easier and helps them save money while traveling,â€ Waceke Mbugua, director of marketing and communication at Safaricom, explained.
Read full article.
- Replicating the success of M-PESA (kariobangi.wordpress.com)
- African Lessons in Mobile Commerce (blogs.wsj.com)