WTSA-16 Highlights: Safaricom’s Ronald Webb explains the ingredients to digital financial inclusion (VIDEO)
Developing countries have pioneered the use of digital financial services (‘mobile money’) to increase financial inclusion, capitalizing on the ubiquity of mobile phones to bring people within reach of basic financial services.
There are few, if any, mobile-money services as well known as Kenya’s M-Pesa.
“In Kenya, we’ve become No. 1 in the [Brooking Institute] world rankings for financial inclusion – and that’s been entirely on the back of digital financial services, and that’s primarily been M-Pesa, ” says Ronald Webb, Director of Financial Services at Safaricom. “We’ve got 75%, at least now, of the economically active adult population using M-Pesa.”
Watch Ronald Webb explain the ingredients to Safaricom’s success in rolling out M-Pesa, the benefits of ‘light-touch’ regulation in enabling the growth of young mobile-money markets, and the potential of blockchain technology to assist in providing users with unique IDs in countries without reliable national ID systems.