To attract a growing consumer class, Africa’s largest banks are investing heavily in digital banking technology, a highly popular alternative to traditional banks. M-Pesa (mobile money in Swahili) has more than 25 million active African users. Concretely, once people made a deposit, they can spend the money almost anywhere without cash, simply using a mobile phone. Mobile banking allows users to pay for goods and services or to send or receive money without a bank account.
Kenya is the most...
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