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Social Impact of M-Pesa and Banking the Unbanked

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by

Kayla Malone

on 3 December 2014

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Transcript of Social Impact of M-Pesa and Banking the Unbanked

Usage Characteristics of M-Pesa
3 types of transactions: "cash in", "cash out", person-to-person
Two main type of users: urban senders and rural recipients
Changing the pattern of remittances and, possibly the social structure
Saving patterns differ from urban and rural users of M-Pesa
Impact on Rural Women
Morawczynski & Pickens Study
Mostly men in urban areas sending funds to women in rural areas
Income of rural recipients increased between 5-30%
Empowers rural women by allowing more control over money
White Study
62% used M-Pesa, 71% believed they benefited from the application
Many women could not maintain minimum balance for a bank
Saving on transportation
Larger base of customers
30/48 respondents able to expand business
Increased trust between the male fishermen and the female processors
Send Money Home
M-Pesa
Launched in March 2007 by Safaricom
2009: 7 million customers, 150 million Ksh ($1.96 million USD) transferred daily
2014: over 70% of Kenya's population uses M-Pesa, more than $320 million USD is transferred each month, 25% of Kenya's gross national product (GNP)
2007-2010: M-Pesa agents increased from 450 to 18,000
Reasons behind rapid adoption
The Unbanked & Financial Inclusion
Unbanked Population: 2.5 billion
Only 37% of women have a bank account, compared to 46% of men
Barriers to financial inclusion: cost of services, physical distance to access points, and lack of documentation
In Kenya, only 19% of the bottom 40% income group have an account at a formal institution.
Banking the Unbanked and the Social Impact of
M-Pesa in Kenya

"Gender is a basic organizing principle in social life, a principle for allocation of duties, rights, rewards, and power...a factor in organizing daily life for individuals, families, communities, and societies as large structures."

- Joan Acker
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