Article
Ann Wanjiku walks up to a green-and-white booth with an “M-Pesa agent” sign on it. There she shows the agent her identity card and her cell phone, which displays a PIN number provided by a client. Using the PIN number, the M-Pesa agent takes just a minute to verify that the client has transferred payment for 1,000 traditional carvings into Ms. Wanjiku’s mobile money account. Ms. Wanjiku then withdraws the amount in cash. Like 90% of Kenyans, Ms. Wanjiku does not have an account in a regular bank. Across Africa, only 20 per cent of families have formal bank accounts, according to a World Bank survey. In Tanzania the percentage is as low as 5 per cent, and in Liberia 15 per cent. This article examines the mobile banking landscape in Africa.