The Asian Banker

Kenyan banks struggle to break Safaricom’s mobile banking space monopoly
A lack of specific financial regulations governing telecommunication operators has contributed to m-Pesa’s explosive growth.

Jan 29, 2013 | Research

In Kenya, mobile banking has exploded in growth since the roll-out of m-Pesa in March 2007. The creation of m-Pesa was significant in that it was hatched not from the banking industry but between telecommunication firms Safaricom and Vodafone. With just a mobile phone and a registration with Safaricom, Kenya’s mobile service giant, you can pay for anything within seconds, allowing anyone with access to a mobile phone to carry out small value electronic payments. More recently Safaricom, in collaboration with Commercial Bank of Africa, launched the next evolution in mobile banking – customers…

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Categories: Mobile Banking, Retail Banking, Retail Payments
Keywords: m-Pesa, P2P Payments, Safaricom, Vodafone, M-Shwari, e-float, John Staley, Equity Bank
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