When discussing the global fintech revolution, attention often turns to Silicon Valley, London or Singapore. Yet one of the most important financial innovations of the past two decades came from somewhere very different: Kenya.

In 2007, Safaricom launched M-Pesa, allowing people to send and receive money using a basic mobile phone. At the time, millions of Kenyans lacked access to traditional banking services, particularly those living outside major urban centres.

What followed was more than a technological innovation. M-Pesa fundamentally changed how ordinary people interacted with money.

Nearly 20 years later, its influence extends far beyond Kenya. From mobile payments in neighbouring African countries to digital wallets across Asia and other emerging markets, M-Pesa helped demonstrate that financial inclusion did not necessarily require a bank branch, a conventional bank account or even a smartphone.

Before M-Pesa, transferring money between Nairobi and a rural community could involve travelling considerable distances, relying on informal arrangements or paying relatively expensive fees.

M-Pesa changed this by turning the mobile phone into a financial tool.

For many Kenyans, particularly those working in informal employment, small businesses and agriculture, this provided a practical way to participate in the financial system.

The impact has been significant. As highlighted in my earlier 2026 overview of Kenya’s fintech ecosystem for The Fintech Times, formal financial access has risen from approximately 26 per cent of adults in 2006 to around 85 per cent in recent years.

Whilst M-Pesa cannot claim sole responsibility, it has undoubtedly been central to this transformation.

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