US Ambassador Meg Whitman in an address to Silicon Valley investors hails Kenya’s mobile money transfer M-pesa technology as extraordinary.
The US Ambassador to Kenya Meg Whitman has termed Kenya’s mobile money transfer M-pesa as the most impressive technology.
M-pesa is evidence that Kenya’s inventors have the aptitude and capability to address global issues, according to Whitman, who was speaking at the US-Africa business round table in San Francisco.
She mentioned that M-pesa, which was created in 2007 and became the world’s largest mobile money network by 2010 with annual earnings of over USD 1 billion, is currently an open EPI with over 60,000 developers.
“It solved one of the biggest problems in mobile money; mobile, secure, locust payments,” Whitman said on Friday.
“M-pesais extraordinary. M-pesa alone can demonstrate the brilliant business minds that work in Kenya that are devising African solutions to global problems,” Whitman added.
According to the US ambassador, M-Pesa powers more than five million enterprises and has more than 50 million users across its operations in seven nations, including 70% of transactions in Kenya.
“Catch this, 59 percent of Kenya’s annual GDP flows through MPESA, 70 percent of Tanzania’s GDP flows through M-pesa, I know I little bit about this business.”
M-pesa is the most preferred means of payment for many Kenyans due to its convenience even for those in remote areas.
Kenyans can conveniently pay for various services wherever they are through their phone without the worry of walking around with cash.