The world’s most successful mobile money market is introducing cross-network transfer systems
Kenya is an undisputed global leader when it comes to mobile money services. In 2007, the telecom operator Safaricom launched its mobile money service M-Pesa as a simple way to text small payments between users. A decade later, M-Pesa has become the world’s most successfulmoney transfer service.
The platform enables almost 30 million people to pay for crucial services, access loans, and send money all over the world. M-Pesa is also a leading revenue generator for Kenya’s government and has spread to 10 countries, including Albania, Egypt, Romania, Lesotho, and Tanzania.
Still, in Kenya the downside has always been the inconvenience of sending money across mobile networks. Consumers often complain that the process is tedious and expensive. Mobile operators such as Airtel have also complained that Safaricom’s dominance in the market undermines their business, and called for a leveling of the playing field. READ MORE