How Kenya has beaten the world in mobile money

The following article is from National Geographic:

The Invisible Bank: How Kenya Has Beaten the World in Mobile Money

In the developed world, we are used to the idea that we created the model of industrial and economic progress which other countries must follow. Many of our big ideas about development rest on the assumption that the West cracked the formula for economic progress sometime in the 19th century, and what we need now is for the developing world to ‘catch up’. Even the language we use encapsulates this idea, in the division between ‘developed’ and ‘developing’. But new innovations are challenging the idea that development requires handing ideas down from developed to developing. In banking and finance, the big ideas in cashless transfers and mobile, flexible exchanges are not to be found in Geneva or London or New York. A revolution in mobile money transfer has occurred, but not in these financial centres. Instead, it’s happened in Kenya, with m-Pesa.

[click here to see the remainder of the article]

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One Comment

  1. kiwanja October 4, 2012 at 6:24 am #

    Hi

    We’re happy you liked the m-pesa article. Two quick comments – the shop in the photo isn’t an m-pesa shop, and if you decide to keep the photo could you add a credit to it please? We try very hard to provide photos for free but need any that are used to be credited (to Ken Banks, kiwanja.net).

    Thanks.

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