Kenya's M-Pesa

M-Pesa is a mobile money transfer and payment service in Kenya, launched in 2007. It allows users to send and receive money, pay bills, and make purchases using their mobile phones, without needing a bank account. Users deposit cash at M-Pesa agents and can then electronically transfer money to others or withdraw cash. It has transformed financial access, particularly for those in rural areas, promoting greater inclusion in the economy. M-Pesa has inspired similar services worldwide, demonstrating the potential of mobile technology to enhance financial services.