We understand that M-PESA technology adopted by Kenya is a success story for the world in digital financing. I would appreciate it if researchers could shed light for its success and the basic infrastructure required for its successful operation. We are visiting Kenya to learn about this technology so that it could be introduced in Nepal as well.
as a day to day user of this technology, I will comment not on its effectiveness, but the practical benefit that it confers: Convenience. Before its advent, money had be sent the traditional way: Money orders, or some other practical but slow methods. Currently I can send money to anyone, anywhere in the country in a flash. I can also pay for water, electricity, shopping, ...... From the comfort of my home. For businesses, this also means reduced risk of handling cash.
studying effectiveness and basic requirements is necessary though
Seeing personally will definitely be the best way. Hope the following three links could be useful. M-pesa is by Vodafone and we have airtel also offering airtelMoney nowaqdays
http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2012/06/innovationsarticleonmpesa_0_d_14.pdf
http://www.mit.edu/~tavneet/M-PESA_Update.pdf
http://www.mit.edu/~tavneet/M-PESA.pdf
Thanks Ramakrishan: Technology innovation has changed the ways of our life. Those countries who have been successful in adopting the innovation have moved faster than others in the development process.
I completely agree Technology innovation has changed the ways of our life
The links provided by Rama are very useful. Money transfer has never been easier, even to very remote locations/villages. It is revolutionary and that's why a number of countries (including developed ones who have been surprised that they have ben beaten to this game by developing countries like Kenya) are falling over each other to adopt this technology-driven approach to money transfer and payment system. One of the good news from Africa!
The technology is also used in Tanzania. Among other things you can also transfer your money directly from your bank account into your M-PESA account and vice versa. SO instead of queuing at the Bank you can just do that at the palm of your hands. In Tanzania there is also M-POWER, which operates as a bank account, one can deposit money there with interest. If you have your deposits you can also get a quick small size loan in case you are stuck.
In essence, these applications are available in many countries in Africa to cater for specific needs of the mobile phone users. You may be interested to find out about this as well. To give just a grip of it, in DRC they have an application known as 'Mobile Agribiz' which helps small farmers to access agricultural information and market accessibility. In Siera Leone, they have 'Community Surveillance project', which help fishing communities to fight against illegal unreported and unregulated fishing through the use of mobile phones and GPS-enabled cameras. Other countries with similar technologies but with different purposes, include Ghana, Senegal and Burkina Faso, to mention a few.
Mobile money services is currently the in thing. The Kenyan MPESA mobile money transfer has revolutionized peoples' lives: it has become handy through mobile banking (for virtually all bank transactions), mobile pensions (for pension contributions), mobile health (telemedicine payments), mobile insurance (payments for premiums), mobile payments (payments for utilities, suppliers, and service providers), etc. Research in Kenya has shown that SMEs using mobile money services has had their financial performance improved. a significant proportion of bank profits has been attributed to mobile money services. In Kenya if you are in business and you do not operate a mobile money services, them you are preparing to close shop. On request, we can share with you some of the current impact studies on MPESA.
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