M-Pesa was introduced in Kenya in the year 2007 when the financial blockade was quite noticeable. However, most Kenyans did not trust the banking institutions much. Upon that the bank services were not really available in rural regions and had not done much to reach the residents of the remote areas.
M-Pesa was launched by Safaricom which had a huge market share at that time. And that played a vital role in giving access to it to a large number of potential users. Besides that, one can effortlessly view the full transaction history of a certain period for keeping a track of their expenditure by easily finding out how to get your M-Pesa statement. Along with these, there were a number of more reasons behind the success of M-Pesa in Kenya.
Here are the three reasons among them which clearly portrays why MPesa became such a success:
The best part about the success of MPesa is that it studied the complete lifestyle of the people of Kenya and convinced them that it was completely safe to deposit their money. Transferring money through third-party systems was the traditional method of exchange of money in Kenya and that is why it became culturally accepted by the users quickly.
Most of the residents of the rural areas of Kenya had to migrate to the city in search of work. And as they were the sole bread-earners, they had to send money to their family in the village. On the other part, accessing the facilities of a bank was not really an option for them as its services have hardly reached those remote places.
Whereas most of the Kenyans were active customers of Safaricom and as a result, they could send and receive money without any hassle. They were relieved for not being needed to keep their money in banks as most of the people did not trust it enough.
In order to get the service of M-Pesa, the users just had to have an active Safaricom number. Besides that, the complete software was pretty easy to handle and the registration process was simple and cheap too. So the money transaction was quite easy and they were not needed to line up in banks anymore for keeping or transferring their money.
For most Kenyans, the complete idea of a financial institution was a scary process and that is why they were quite satisfied in being able to access their money with the help of M-Pesa without facing any hassle.