Few initiatives in microfinance, or for that matter in development, have been as successful as M-PESA: 3 and a half years after launch, over 70% of households in Kenya and more importantly over 50% of the poor, unbanked and rural populations use the service. I am often struck by how many people fail to be inspired, or even doubt M-PESA. Skepticism is often bred from lack of information.
What about you, how much do you really know about how M-PESA actually works? Here are 10 things you may have thought you knew about M-PESA!
This intro to M-PESA/mobile-money FAQs–some of which are actually never asked but should be–was posted by Claire Alexandre, senior program officer at the Bill & Melinda Gates Foundation on the CGAP (World Bank) blog. Here’s the Top 10 list.