The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

Kenya: M-Pesa miracle

"One way that someone could make money in this country is to import real football shirts," says Eddie, Euromoney’s entrepreneurial driver in Nairobi. Euromoney’s slightly blank look in return prompts him to explain further. "I love football, we all love football and people want the shirts," he points to a man across the street wearing the Manchester City shirt of Carlos Tevez. The man is walking underneath a Samsung billboard showing a series of Chelsea players surrounding Samsung’s latest TV. "Even those in the rural areas will spend their money on them – and now they have more money than before to spend."

However, new-found wealth in the rural areas isn’t the result of robust growth in Kenya – on the contrary, Kenya grew only 1.7% in 2008, down from 7.1% in 2007. Instead, this new lease of money is mostly the result of a more efficient money transfer system in the form of M-Pesa. With nine million customers signed up, the M-Pesa product is a life-changing phenomenon for rural Kenyans.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and analysis and receive expertly-curated updates direct to your inbox.


Already a user?

Login now


We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree