M-PESA (M for mobile, PESA is Swahili for money) is a mobile phone-based money transfer service, payments and micro-financing service, launched in 2007 by Vodafone and Safaricom, the largest mobile network operator in Kenya. [1]

Jun 11, 2024 · A staggering 59% of Kenya’s GDP flows through M-PESA, the country’s dominant mobile payment system. That amounted to 20 billion transactions during 2023. A quick comparison with PayPal helps to...

Sep 11, 2020 · First taking off in Kenya in the early 2000s, cellphone-based banking in the country has in many ways surpassed payments systems we have in the US. Research suggests that the fast spread of...

Jun 21, 2023 · M-Pesa is a mobile banking service that allows users to store and transfer money through their mobile phones. M-Pesa was introduced in Kenya as an alternative way for the population of the...

Merchants benefit from accepting M-Pesa as a payment method due to its widespread adoption in Kenya. The mobile-centric nature of M-Pesa transactions aligns with the country’s digital payment trends, allowing businesses to cater to a broad customer base.

Sep 1, 2023 · Analysts say the introduction of the bank-led paybill numbers as a rival to the paybill and ATM numbers provided by telecoms companies represents a new frontier in the battle for the country's vast mobile money payments landscape.

Dec 18, 2024 · Kenya is globally recognized for its pioneering mobile money system, M-PESA, which has become a cornerstone of the country’s economic framework. Mobile money has revolutionized financial inclusion, providing millions of Kenyans with access to financial services.

Apr 9, 2018 · In fact, if we look back at the history of mobile payments — we’re actually playing catch up. Since 2007, Kenya’s M-PESA has revolutionized the way people spend, save, and send money. And it all started (somewhat) by accident.

M‐PESA was developed by mobile phone operator Vodafone and launched commercially by its Kenyan affiliate Safaricom in March 2007. M‐PESA (“M” for mobile and “PESA” for money in Swahili) is an electronic payment and store of value system that …

Unsurprisingly, Kenyans are big fans of mobile money. 90.4% of Kenya's population has a smartphone, and approximately 50% use them to make payments. Debit and credit cards have low penetration though and there is still a significant population of citizens without traditional banking facilities.