One of the most interesting videos I’ve seen in a while is a commercial. It’s an ad for M-PESA, the service offered by mobile phone company Safaricom in Kenya that enables people to deposit, withdraw, and transfer money to other people using their mobile phones. It’s a simple concept, but it’s been revolutionary: 68% of the adult population uses it, and the amount transferred through it represents 25% of Kenya’s GDP.
Why has it been so successful? Well, that’s why I find the video so interesting – it demonstrates the very specific gaps unique to a developing economy that M-PESA fills: Continue reading