“Ending poverty in Africa” – a lofty goal, but we’ll see
I saw a posting on banktech.com, which led to an article on Voice of America. The basic claim of the headline – that a new mobile banking service, built on top of the existing and very successful M-Pesa money transfer service, will help eliminate poverty in Africa. This new banking service is called M-Kesho (I would love to know what that meansKesho means “tomorrow” – thanks to Mr. Njunge for that), and is intended to reach the 60% of more of Kenyans who have no access to banking services (or to savings, loans, insurance, etc.).
Of course, the headline is a bit of a stretch, but the article’s contention is that these banking services (which also enable money transfers between two people) are a critical component to ending poverty. I suspect, though, that eliminating corruption, building political stability, and providing the infrastructure for commerce across the country will also be critical to making a dent in the level of poverty, in Africa and elsewhere.
I’d welcome your thoughts. If you have comments you’re willing to share publicly, please do so – thanks.