Few initiatives in microfinance, or for that matter in development, have been as successful as M-PESA: more than 10 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.
It has since expanded to Tanzania, Mozambique, DRC, Lesotho, Ghana, Egypt, Afghanistan, and South Africa. Meanwhile, services in India, Romania, and Albania have been terminated amid low market uptake. M-Pesa allows users to deposit, withdraw, transfer money, pay for goods and services (Lipa na M-Pesa), access credit and savings, all with a mobile device.
M stands for mobile. The letter 'M' is from the works mobile. It's normally used that way as it is more easier to pronounce. Pesa is a Swahili word standing for money. People tends to make things complex or rather assume that the letter 'M' has no meaning yet it has.
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