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Vol 52 No 20

Published 7th October 2011

Banking on the move

Developed jointly by British software firm Sagentia and Kenya’s Safaricom with the help of a British grant, M-Pesa banking services are a success story. Pesa means ‘money’ in Kiswahili and M (for mobile)-Pesa offers a savings facility of up to 50,000 Kenyan shillings (US$490) and easy access to wire-transfer and remittance services. By 2010, more Kenyans had M-banking accounts than traditional ones.

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