Most people probably don’t think of Kenya as an innovation and technology hub, but in 2007 it became the launching pad for M-Pesa, a transformative mobile phone-based platform for money transfer and financial services. Since then, M-Pesa has undergone explosive growth: in 2013, a staggering 43 percent of Kenya’s GDP flowed through M-Pesa, with over 237 million person-to-person transactions. M-Pesa is nearly ubiquitous in the daily lives of Kenyans due to a range of services that include money deposit and withdrawal, remittance delivery, bill payment, and microcredit provision.
Which continent do you think has the fastest take-up of “mobile money” in the world?
Citigroup Inc. will pull out of the Massachusetts retail banking market in January, closing its remaining 17 branches and taking with it the sponsorship of the Citi Performing Arts Center in Boston’s Theater District.