M-PESA
In 2006, a small scale experimental program in Kenya called M-PESA transformed payment strategies for emerging markets. This test program was started by Vodafone through funding from the department for international development. M-PESA started in Kenya on March 2007, in conjunction with Safaricom, a leading mobile telecommunication company in Kenya. It is a mobile phone application payment service where “M” stands for mobile and “Pesa” is a Swahili word denoting money. Currently, over nine million clients use M-PESA monthly to transact tens of millions. In developing economies, people work far from where they live and send domestic payments to their extended families in ...