Name of the Social Innovation: M-PESA
Mpesa which is a mobile phone based money
transfer and micro-financing service that enables individuals both locally and
internationally to deposit, withdraw and transfer money. It is also used in the
pay of goods and services easily with any mobile device.
Mpesa service was launched in 2007 by Vodafone
for an Vodacom, which are the largest network operators in both Kenya and Tanzania.
It was first launched by the Kenyan network operator Safaricom, where Vodafone
became its minority shareholder in 2007 owning 40% of shares. With time, Mpesa
captured a significant market share for cash transfers which grew to 17 million
subscribers in by in December 2011in Kenya alone.
Mpesa services were mainly targeted for both
middle and low class earners with majority of those who couldn’t access banking
facilities due to regional insufficiencies.
Article about the project
Summary
Easy money transfer locally and across few international counties
such as the United States of America, United Kingdom etc.
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