The covid-19 crisis is boosting mobile money
In Rwanda, transactions rose fivefold during a lockdown
THE STORY of mobile money is one that turns during crises. In Kenya in 2008, violence broke out after a disputed election the year before. As supporters of the rival candidates clashed on the streets, ordinary folk were afraid to go out. Many started sending money to each other by phone using a newfangled service called M-Pesa. The habit stuck. Today M-Pesa is the most celebrated mobile-money service in the world. It processes 11bn transactions a year and has spawned imitators across Africa and farther afield.
This article appeared in the Middle East & Africa section of the print edition under the headline “Dial it up”
From the May 30th 2020 edition
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