Now Scientific Fact: Mobile Money Can Lift Women Out of Poverty
Mobile money is a service that allows monetary value to be stored on a mobile phone and sent to other users via text messages. Mobile money was first introduced in South Africa and the Philippines about 10 years ago. In Kenya, this service was introduced in March 2007 and was called “M-PESA” (M is for mobile, “pesa” is Swahili for “money”), which became the country’s dominant mobile money service. M-PESA has since been celebrated internationally as an innovation that can bring the unbanked population into the formal financial system, with associated impacts on economic well-being and welfare...