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Kenya's Mobile Revolution and the Promise of Mobile Savings

ACCOUNTING BANK ACCOUNT BANK ACCOUNTS BANK BRANCHES BANKING SERVICES BANKS BILL PAYMENTS BUSINESSES CELL PHONE CELL PHONES CENTRAL BANK COMMUNICATION TECHNOLOGIES COMMUNICATION TECHNOLOGY COMMUNICATIONS TECHNOLOGY CONSUMERS DEBT DEPOSIT DEPOSITS DEVELOPMENT POLICY ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC PROGRESS ELECTRONIC MONEY EMPLOYMENT ENABLING ENVIRONMENT ENTREPRENEURSHIP EXPOSURE EXPOSURE TO RISK FINANCIAL PRODUCT FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL TRANSACTIONS GDP GEOGRAPHIC DISTRIBUTION GLOBALIZATION GROWTH STRATEGY HEALTH EXPENDITURES ICT ID IDENTIFICATION IMPLEMENTATIONS INCOME INCOMES INFLATION INFLATION RATE INNOVATIONS INSTITUTION INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL TELECOMMUNICATIONS INTERNATIONALIZATION JOINT VENTURE MACROECONOMIC POLICIES MARKET EFFICIENCY MARKET SHARE MARKETING MATERIAL MICROFINANCE MIGRATION MOBILE ACCESS MOBILE BANKING MOBILE PHONE MOBILE PHONE ACCESS MOBILE PHONE USERS MOBILE PHONES MOBILE SERVICE MOBILE TELEPHONES MOBILE TELEPHONY MOBILE TRANSACTIONS MONEY MARKET MONEY TRANSFER MONEY TRANSFERS NETWORKS OPEN ACCESS PAYMENTS SERVICES PHONE BANKING PHYSICAL BANK PUBLIC POLICY RADIO RAPID GROWTH RESULT RESULTS SAVINGS SAVINGS ACCOUNT SAVINGS ACCOUNTS SAVINGS BEHAVIOR SEARCH SERVICE PROVIDER SERVICE PROVIDERS SMALL BUSINESS SMALL BUSINESS ENTREPRENEURS SMALL ENTERPRISES SOCIAL CAPITAL SOCIAL VALUE STORAGE DEVICE TAX TELEPHONE TELLERS TRADITIONAL BANK TRANSACTION TRANSACTION COSTS TYPES OF CONTRACTS UNIVERSAL ACCESS USER USERS USES WEALTH WEB WORLD DEVELOPMENT INDICATORS
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Africa | Africa | Sub-Saharan Africa | East Africa | Kenya
2012-03-19T17:29:33Z | 2012-03-19T17:29:33Z | 2012-03-01

The mobile revolution has transformed the lives of Kenyans, providing not just communications but also basic financial access in the form of phone-based money transfer and storage, led by the M-PESA system introduced in 2007. Currently, 93 percent of Kenyans are mobile phone users and 73 percent are mobile money customers. Additionally, 23 percent use mobile money at least once a day. New potential for mobile money has come with the rise of interest-earning bank-integrated mobile savings systems, beginning with the launch of the M-KESHO system in March 2010. The authors examine the mobile savings phenomenon, using data collected in a special survey in late 2010. They show that the usage of bank-integrated mobile savings systems like M-KESHO remains limited and largely restricted to better-off Kenyans. However, what the authors term "basic mobile savings" -- the use of simple mobile money systems as a repository for funds -- is widespread, including among those who are otherwise unlikely to have any savings. Holding other characteristics constant, those who are registered for M-PESA are 32 percent more likely to report having some savings.

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