Why Africa's M-Pesa Is So Hard to Copy

Why did M-Pesa succeed in Kenya but fail in other countries like South Africa, India and Romania? Kenyans now move more than twice their country’s GDP through M-Pesa every year. In South Africa, the same app got 76,000 users and shut down.

In this episode of Africa on Monday, I break down the three conditions behind M-Pesa’s success, the 2008 government audit that almost shut it down, and why Nigeria waited until 2022 to let MTN and Airtel run mobile money banks.


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