Mobile Money Financial Service Solutions

1. Increased access to financial services: According to a survey conducted by the Central Bank of Kenya, the percentage of Kenyans with access to financial services increased from 26% in 2006 to 82% in 2019. This increase in access is largely attributed to the introduction of mobile money services like M-PESA. 2. Increased usage of formal financial services: The same survey found that the percentage of Kenyans using formal financial services increased from 27% in 2006 to 75% in 2019. Again, this increase is largely attributed to the introduction of mobile money services like M-PESA. 3. Impact on cross-border trade: A study conducted by the International Food Policy Research Institute found that M-PESA has had a positive impact on cross-border trade in Kenya. The study found that traders who used M-PESA for transactions were more likely to engage in cross-border trade, and that the volume of cross-border trade increased by 22% after the introduction of M-PESA. 4. Impact on poverty reduction: A study conducted by the World Bank found that households in Kenya that use mobile money services like M-PESA are more likely to be lifted out of poverty. The study found that households that use mobile money services are 2% less likely to be poor than households that do not use these services.

1. A survey conducted by the Consultative Group to Assist the Poor (CGAP) in 2016 found that 58% of M-PESA users in border areas had used the service to receive money from family and friends in other countries, compared to only 23% of non-M-PESA users. This suggests that M-PESA has helped to facilitate cross-border remittances, which are an important source of income for many households in border areas. 2. Another survey conducted by FSD Kenya in 2019 found that 66% of M-PESA users in border areas had used the service to pay for goods and services, compared to only 36% of non-M-PESA users. This suggests that M-PESA has helped to increase access to finance for small businesses in border areas by providing a more convenient and secure way to make and receive payments.

Busia, Malaba, Sirare, Namanga

East Africa

M-PESA Address: Nairobi Email: customercare@safaricom.co.ke Tel:+254 722 002100