Lolem Boyo Emilat is a trader in Kenya’s Kalobeyei settlement, where mobile payments have transformed her small business. Could bringing mobile money to more traders like Lolem be an overlooked opportunity to advance financial inclusion?
CGAP received nearly 200 proposals from digital financial services providers across Africa interested in piloting new products. A look at those proposals — from 30 countries — shows that innovations are spreading beyond hot spots like Kenya.
Bank accounts today once again outnumber mobile money accounts in Kenya -- by over 30 percent. Innovations like PesaLink have helped banks achieve this growth, showing that banks can thrive in the face of mobile money.
In Kenya, where nearly everyone knows about mobile money and a majority live within walking distance of an agent, why do nearly 2 in 10 adults lack access to formal financial services? And what can be done to reach them?