In recent times so many research studies are taking place to examine the reasons behind increasing poverty in Kenya. Results are saying that the tendency of using mobile money especially in women-centric houses has done the job.
What is Mobile Money?
Mobile money is a form of electronic money which you can use or operate on your mobile phone. By the grace of mobile money, people are now able to transfer funds at a very low cost. For instance, you can take mpesa charges for sending money that is lower than the bank transaction.
It allows the infrastructure of the whole money transaction to look beyond the banking services. 2% of the whole population which is 194,000 were uplifted above the poverty level in Kenya only with the help of mobile money. More than 185,000 women were empowered to have their own business where all the transactions happen by electronic money.
Result Of Using Mobile Money such as MPesa
The penetration of mobile money is rising very fast in the sub- Saharan part of Africa. According to the latest global report, more than. 76% of people have mobile money subscriptions on their phones. The unbanked people also get a chance to make payments at an affordable rate.
Mpesa is the largest mobile money network in Africa. It was launched in the year 2007 by the Safaricom company which is situated in Kenya.
Now Let’s Take A Quick Look At The Top 3 Reasons To Use Mobile Money In Kenya
- Reduction in poverty- the impact on poverty reduction is considered to be an improved financial behavior. With the help of mobile money savings and other facilities have become easier to access.
- Mobile money offers your security than the banking system. The money you keep there will be password protected which you can change at times. This facility is more helpful to make savings during the hard times of financial condition.
- Mobile money has a great impact on the economic outcome of society as it enables you to operate your business more quickly. You can keep track of all your transactions that you make through mpesa or any other mobile money application.
Mobile money is the sign of a more educated and systematic society. A cashless system is always beneficial where you can pay any amount of money precisely. You also get exciting cashback and several offers on all your transactions because of mpesa charges for sending money less than the other apps.