There is an inherent culture in Kenya, whereby young people and men leave their homelands and go and work in urban areas to earn money, some of which is sent back to their families in the rural areas.
Out of this ‘send money’ proposition an entire ecosystem evolved, as people realised the benefits of moving away from cash.
That same ‘send money’ culture is not necessarily replicated throughout Africa, although there is a definite realisation that cashless banking is beneficial to everyone.
The collective wealth of people at the BoP has been realised – M-PESA provided tangible evidence of that, and as a result many financial institutions have joined in the race to implement their cashless banking solution targeted at this sector.
A complex array of reasons have prevented another identical M-PESA success story in the rest of Africa...
Liz is the author of Will there be another MPESA?