Politics and policy
A Safaricom agent transacts at an M-Pesa outlet. US-based researchers
have ranked Kenya among Africa’s most prepared countries for digital
investments in yet another survey that celebrates the country’s mobile
money transfer record. PHOTO | FILE
By JAMES KARIUKI
In Summary
- Saying Kenya was well prepared to contribute big time for the world’s next billion Internet users, it said the successful use of the mobile phone as a conveyor for cash in settling transactions and transferring cash from one to another opened a myriad of opportunities for investors and firms.
- Kenya, it said, had infrastructure and policies in place that meet the challenges as well as take advantage of the opportunities the digital world presents.
US-based researchers have ranked Kenya among Africa’s
most prepared countries for digital investments in yet another survey
that celebrates the country’s mobile money transfer record.
The digital revolution index prepared by researchers from
the American-based Tufts University’s Fletcher School in collaboration
with MasterCard and DataCash placed Kenya second after Egypt but ahead
of Nigeria.
It cites M-Pesa which enables about 31.1 million
Kenyans to move more than Sh250 billion annually in a country that
enjoys 72.5 per cent mobile penetration has aroused interest among
cashless firms from around the world and investors keen on venturing
into the cashless revolution known for its secure and affordable process
carried on virtual networks.
The report also fetes Kenya for its move to enhance
adoption of various technologies via regulatory approvals and
investment in the underground fibre optic cables that enabled launch of
various products in select towns.
Banks and telcos have partnered with malls,
supermarkets, restaurants and service stations where payments for goods
and services are done via mobile phone-based transactions.
Saying Kenya was well prepared to contribute big
time for the world’s next billion Internet users, it said the successful
use of the mobile phone as a conveyor for cash in settling transactions
and transferring cash from one to another opened a myriad of
opportunities for investors and firms.
Kenya, it said, had infrastructure and policies in
place that meet the challenges as well as take advantage of the
opportunities the digital world presents.
Safaricom
has since ventured into launching the 4G network which provide fast
Internet for clients anywhere in the country with its recently launched
cloud business taking shape.
Saying discerning investors must “watch out” for
Kenya with a current base of 39 per cent Internet users, the survey
added that this was a major frontier in launching cashless platforms for
payment of goods and services.
Last week, Central Bank of Kenya gave Safaricom the
green light to offer its Lipa na M-Pesa after it partnered with third
parties where physical receipts would be issued to clients.
Others also seeking a piece of the Sh2 billion
generated for processing fare payments for the public service vehicle
operators are KCB, Co-operative Bank and Equity Bank that were given the go-ahead on September 19
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