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  • M-Pesa: Kenya's mobile money success story turns 10

    Kieron Monks

    February 24, 2017 |

    CNN |

    Multi-Media |

    Under 800 Words

    Response Location: Kenya, Nairobi, Nairobi Area

    Ten years ago, Vodafone's Safaricom launched "M-Pesa" a mobile-phone based payment system designed to ease transfer of money in Kenya among individuals and small businesses. With a maximum transaction of 70,000 Kenyan shillings ($675 USD), M-Pesa markets "to the base of the pyramid:" not only has M-Pesa taken root in more than ten other countries, but it counts 18 million active users in Kenya and, through access to a mobile monetary payment system, has lifted 2% of Kenyan households out of extreme poverty.

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