One of the most exciting advancements in global development is the expansion of financial services. Mobile money and other digital financial services are a pathway out of poverty, enabling people to transact without cash safely and securely for the first time. In the past decade alone, more than 1.8 billion people globally have joined the financial system, transforming lives and spurring economic growth. We’ve also seen the gender gap in access to financial services decrease by four percentage points over this period.
This rapid rise in financial inclusion started in 2007 when mobile network operator Safaricom launched the mobile money service M-Pesa in Kenya, creating opportunities for people to increase savings and start businesses. Soon, mobile money services were launched in other African countries and a range of innovative payment models began to spring up globally.
