bop intervention m-pesa

7/29/2019 BOP Intervention M-Pesa

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Group-3 Sec-A SM-II Project Report Page 1

STRATEGIC MANAGEMENT II

Study of BOP intervention

Launch of M-Pesa by Safari.com

INDIAN INSTITUTE OF MANAGEMENT INDORE

SUBMITTED BY

Anil Joshi 2011PGP543

Arpit Renwal 2011PGP569

Koli Rahulkumar Ramdas 2011PGP692

Mohammed Shahbaaz 2011PGP727

Saurabh Tandon 2011PGP857

Seelam Divya 2011PGP862

Tofik Shikalgar 2011PGP919

SECTION A |PGP 2011 13


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Index

1. Introduction...............................................................................................................3

2.Inception of Idea........................................................................................................3

3. Country conditions that led to design of M-Pesa......................................................3

4. Business model that was sustainable........................................................................7

5. Attracting new customers with usage based model.................................................9

6. Channel Management..............................................................................................10

7. Growth via double tail diffusion of technology........................................................11

8. Impact of M-Pesa.....................................................................................................12

9. M-Pesa technology in India.....................................................................................14

10. Scope of replicating the magic in India Supporting factors................................15

11. Factors to be a hindrance in path of development................................................16

12. Learning from M-Pesa intervention in Kenya.........................................................17

13. Exhibits....................................................................................................................19

14. References...............................................................................................................21


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1. IntroductionM-Pesa is a mobile money transfer technology that allows people to deposit, transfer and

withdraw money by using their cell phone. Thus it serves the purpose of electronic payment as

well as acts as a store of value. Launched in March 2007 by Safaricom group in Kenya inpartnership with the Vodafone group, M-Pesa has seen phenomenal growth impacting the life

of more than 14 million people across Kenya.

M-Pesa was launched with the purpose of e-remittance in a try to fill the missing gaps in the

prevailing structure of Kenya at that time. With an 80% market share, Safricom leveraged its

existing system along with a usage based model for M-Pesa to create a profit making business

out of it.

2. Inception of IdeaThe idea for mobile money transfer was originally developed by a London based team of

Vodafone group. It was expected to benefit by cost reduction and efficiency programs as well as

a growth in customers mainly in emerging markets. The idea was further developed by

Safaricom team in Kenya by the CEO Michael Joseph.

Vodafone had 40% stake in Safaricom with the remaining 60% with the Kenya government.

They worked together on a revenue share model where Safricom controlled the on-ground

operations and Vodafone manages the development and delivery of technical service.

3. Country conditions that led to design of M-PesaIt was the compelling market conditions in Kenya that led to the need for development of such

business logic. We will go about explaining each condition that benefited the successful

deployment of mobile money transfer technology


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I. Strong demand for domestic remittance

main revenue generating house of the country. Hence the young Kenya was moving to these

cities for jobs. As per the FSD survey of 2006 (Financial Service deepening), there were around

17% of the households in the rural regions dependent on the bread-winners from the family

working in cities. This leads to an increasing demand for an efficient service to remittance.

Studies have shown that in initial phases of economic development of a country, when the

growth is not to the extent to have a complete urbanization, leads to a high demand for

remittance where the need for sending money back home to rural parts increases.

Safaricom leveraged the opportunity by coming up with an innovative model for filling the gap.

II. Inefficient existing channelPrior to the launch of M-Pesa, the formal system for sending money used to be the Kenya post.

It was considered to be highly costly and slow by people and also faced major liquidity

shortages in rural parts of Kenya.

The other informal systems that existed included mainly buses and matatu (shared cabs). Since

they were not legitimate hence it involved a risk of delivery at the destination. Graph below

shows the use of existing channels prior to the launch of M-Pesa and after that

M-Pesa was launched with the initial value

proposition of Send money home. This was

because migration in Kenya was increasing.

Being a developing economy, the Tier-1 cities

like Nairobi, Mombasa, Nakuru etc were the


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Group-3 Se

III.

Lesser access to finance

the diffusion of technology b

transferring money have to be t

to have a confidence of using

knowledge assured that banks

rural sections was so small th

money could not survive. Safari

them to make every transaction

Thus with a certain population

money transfer while major pop

missing gaps of banking system.

9%11%

4%

24%

27%

58%

3%

Mo

Dir

by

po

thr

co

By

fa

pai

acc

Mode of sending money prior to la

38% 35% 8%0%

20%40%

Excluded Informal Semi

form

Financial acces

Kenya

B

-A SM-II Project Report

- Graph based on

ecame easy. The early adopters of such a

he ones who have access to banking and finan

such services. A high population with no ba

an not fill in the gaps. This was because the

t banks with their credit-led or savings-led

com on the other hand had a usage based m

profitable.

with banking knowledge allowed people to

ulation with lack of financial access helped M-

ney transfer service

ect into bank

cheque

st office money order

ough bus/Matatu

pany

hand sent with

ily/friends

d in someone's

ount;who passed it on

47%

7%

32%

9%

5%

unch of M-Pesa Mode of sending money a

19%

l

Formal

s inThe FSD survey of 2006

38% of the population

banking services. This c

of the rural population.

population having acce

semi-formal forms of fin

ased on Exhibit-2

Page 5

Exhibit-1(a) and 1(b)

technology for

ial services so as

king access and

investment from

odel of earning

odel that helped

use M-Pesa for

Pesa to fill in the

M-Pesa

Directly into Bank

account

By hand sent with

family/friends

through bus/Matatu

company

other

fter launch of M-Pesa

eveals that nearly

had no access to

omprised majorly

With a quarter of

s to formal and

ncial services,


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IV. Robust distribution NetworkSafaricom, which began its operation in 1997 had nearly 80% of the market share and was way

ahead of its next 2 rivals, Zain and Orange. This helped them to leverage their existing retail

outlets to convert to cash-in/cash-out agents. So they did not had to wait for letting the

customer base increase for increasing the domain of agent outlets.

This saved them from chicken and egg trap of whether to wait for increase in customer base

first or to increase the agents for increasing customer base.

customers and the increase in agent outlets with further outlets being added to have a strongerbase.

0

2000000

4000000

6000000

800000010000000

12000000

14000000

16000000

Apr-07

Sep-0

7

Feb

-08

Jul-08

Dec-0

8

May-0

9

Oct-09

Mar-10

Aug-1

0

Jan-1

1

No. of M-

PESA

Customer

0

5000

10000

15000

20000

25000

30000

Apr-07

Sep-0

7

Feb

-08

Jul-08

Dec-0

8

May-0

9

Oct-09

Mar-10

Aug-1

0

Jan-1

1

No. of Agent

Outlets

countrywide

As per the data released by

Safaricom of their agent outlets

on the completion of 5th

year of

M-Pesa, we can see there has

been a positive correlation

between the increase in

customers and the increase in

High strong co-relation

between customer base and

agent outlets

Graph as per Exhibit-3

Graph as per Exhibit-3


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V. Favorable regulatory frameworkThe first FinAccess survey of 2006 had revealed very low penetration of banks in the country as

we had already seen above with more than 70% of the population with no access to formal or

semi-formal modes of financial services. With similar results being revealed by FinAccess

survey, the Central bank of Kenya (CBK) was looking in for options to correct the access

imbalance. With a 60% stake in safaricom of Kenya government, they had good working

relations with the central bank of Kenya and thus helped them to gain regulatory space to

design M-Pesa. A deal was signed between the two parties where CBK allowed Safaricom to

operate as a payment system outside the provisions of normal banking system in spite of the

opposition being faced by CBK from other banks. In response to this Safaricom was required to

pay the interest earned of the deposited amount to a not-for-profit trust.

4. Business model that was sustainableM-Pesa worked on a usage based model under which for every transaction there were fixed

charges. They found that when such small amount of money is involved in rural parts of Kenya,

it will not be possible to sustain profitably based on interest based earning as is the case with

banks and other micro financing institutions. Also the people in rural parts needed money and

often did not use the system for as a mode of money storage thus reducing the probability of

earning interest further. So M-Pesa declared fixed rate charges for every transaction in

particular range. This ensured that a card bought is profit ensured for Safricom.

The transaction charges were fixed in currency terms for particular range of transaction (as

shown in Exhibit -4). This helped the customers to compare this mode with other available

modes of transfer. Also the agent outlets were not allowed to charge any fees as they were

paid by Safricom, further reducing the chances of corruption at agent outlets.

They emphasized on differentiating themselves from the bank as they were promoted not as a

mode of money storage but mainly as a way of e-remittance. As per the FSD survey of 2009, if

we compare the number of transactions and the amount of swaihili (Kenya currency)

transferred via mobile with other modes like RTGS or ACH or by ATM, we can see that although


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the number of transactions in M-Pesa are way more than normal RTGS or ACH but the value per

transaction is very low. Thus it offered to serve a niche market where the reach of banks and

other financial institutions was low but the daily need for money was required although in low

amounts.

This also supported the fact that the model was sustainable only because it earned profit on a

per transaction basis. So higher is the number of transactions, greater will be the profit booked

by Safaricom.

In the process of building a sustainable model, Safaricom faced further challenges

I. Building trust in agent outlets so that the customers believe them to be legitimateII. Managing liquidity crunch at M-Pesa outlets

In order to build trust in the brand outlets, they needed to come up with a way that clearly

differentiated the legitimate agent shops. Hence they made it mandatory for M-Pesa outlets to

RTGS ACH ATM Mobile

Value per day (billion KSh) 66.3 8.5 1 0.1

Transactions per day (thousands) 1 39.2 180.2 107.2

Value per transaction (million KSh) 64.67 0.216 0.006 0.003

Daily financial transactions

Paint the shop green. This format

was called as Safaricom green.

Leveraging the fact that they had

an 80% market share to convert

them to green outlets, they were

able to let customer clearly

differentiate between a legitimate

and an otherwise one outlet.

Source Reference#1


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Additionally, each outlet was required to maintain a record of cash-in/cash-out transactions

which had to be signed by the customer. Agent income, as given by Safaricom was a function of

the transaction log.

In order to fight with the liquidity constraints, Safaricom had partnered with PesaPoint, one of

the largest ATM service providers in Kenya having presence in all 8 provinces. This allowed

customers to withdraw e-float as money from any of the PesaPoint ATMs. The customers

received a one-time authorization code which they could use in any of the PesaPoint ATMs to

withdraw money from their mobile account. Thus in areas with ATM reach, it was not

mandatory for people to have a bank account with PesaPoint for increasing liquidity. They could

use their mobile accounts for the same purpose.

5.Attracting new customers with usage based modelSafaricom had a clause to their charging scheme to ensure that they targeted to the right

market for attracting new customers.

Launched with the basic purpose of serving for e-remittance, Safaricom knew that in such a

transaction, the power is in the hands of the person who is sending money to his household. So

they allowed mobile money transactions between an M-Pesa customer and a non-customer butat an extra charge. The non-customer received a message on his mobile which had a one-time

usable code. This could be used at any of the outlets to encash for money without any

transaction charges. On the other hand, the M-Pesa user was charge thrice the amount of a

normal transaction. Thus in all with such a transaction they made 50% more profit as compared

to a normal one but all the charges were on to the customer. This was because the person who

was sending remittance back home was the main earning member and had the power to coerce

his family back at home for having an M-Pesa account so as to have an overall reduction incharges.

The survey results of FSD 2009 are also in line with their strategy stated above.


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With around 23% users in rural regions because each member who moved to urban area would

have a connection while there will be only 1 connection back at home. As can be seen from the

graph, major use of M-Pesa was for e-remittance (53%). So the strategy of charging extra for a

customer to a non-customer transaction helped in increasing number of connections in rural

Kenya.

6. Channel ManagementSafaricom had a two-tier channel management structure where the Master agents referred by

Safaricom as Agent Head office maintained and supervised the individual retail outlets. The

head office had 2 main functions

I. To maintain liquidity at each of the M-Pesa agent outletII. Distributing commission to agents

To minimize the problems of liquidity crunch at each of the agent outlets, Safricom provided

their head offices with surplus cash reserves. The head office maintained the timely transfer of

money to each of the outlets that it covered. Generally the transfer to individual outlets was on

a daily basis.

The division of commission between agent HOs and the outlets that they covered was generally

in the ratio of 70:30, with HOs passing nearly 70% of the commission to the agent outlets. As

the model was based on number of transactions and so was the revenues of individual stores so

Safaricom ensured that they do not open too many store outlets in a particular area so as to

bring down the number of transactions per centre and hence de-incentivizing the outlet

owners. The evaluation, training and on-site supervision of workers at the agent outlet was

Users Non-Users Total

Urban Tier-1 20.39% 12.32% 15.86%

Urban other 56.09% 42.89% 48.68%

Rural 23.52% 44.78% 35.46%

Receive money 28.40%

Send money 25.08%

Store/save money for everyday use 14.39%

Buy airtime for myself 13.58%

Buy airtime for someone else 8.30%

Others 10.25%

Users profile/background Purpose of using mobile transfer

Source Re erence#2


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outsourced to a third part, thus centralizing the functions to have a similar experience at each

retail outlet.

7. Growth via double tail diffusion of technologyEvery new technology that is brought in use has generally 5 layers of diffusion through masses

as per the diffusion of technology study. The innovators being the first one to use the

product/service with the early adopters following them. The role of marketing for the

company comes into play in converting the early majority into their customers. Most of the

companies are able to diffuse through this much of population with being unable to cover the

late majority and laggard efficiently because of their resource constraints.

In case of M-Pesa, the diffusion of technology was two-tailed. With innovators and early

adopters using the technology for remittance

for using the M-Pesa account. Thus with a simultaneous reach in both parts, Safaricom saw an

exponential growth in the number of customers with around 20,000 customers in April 2007 to

more than 1 million customer by November 2007 and nearly 14 million present customer base.

In order to make sure that diffusion of technology takes place in rural side also where the

resources are constraint, Safaricom removed the adoption barriers with a free to register, free

to deposit and a no minimum balance requirement. This allowed people with limited money in

rural parts to try M-Pesa accounts for receiving remittance easily.

Source Reference#3

purpose and since sending to a non-

customer was charge higher, so

people made sure to have an M-Pesa

account back at home. Thus with

every increase in innovators and

early adopters of the population for

using technology, there was a

corresponding increase in the

laggards and late majority also for


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8. Impact of M-PesaWith a safer mode of storage and money transfer, M-Pesa had huge impact on the Kenyan

economy helping to bring major developments around the rural regions

I. Money circulationWith a greater money flow via remittances in rural parts of Kenya, an increase in money volume

and velocity was observed. This further boosted local consumption which leading to an increase

in flow of money mainly in the rural parts of India. FSD survey showed that another major

impact of the increased flow of money was the easy availability of rescue money where in if a

person runs out of money, he could get the required amount from his friends/relatives miles

apart, within few minutes.

An increase used of mobile payments for regular transactions was also observed wherein

people using this for bill payments, buying airtime and other purposes too. So the need to carry

cash in hand was largely reduced.

II. Increase in household savingsKeeping cash in hand was considered to be unsafe in Kenya. With M-Pesa offering as a store of

money, it allowed people in rural parts with no access to bank accounts to keep their savings in

the form where it cannot be exploited by others.

It also allowed women to have some savings of their own in cases where men controlled all

flows of transactions as per their requirements. Thus in a way it helped to empower women in

undeveloped parts by allowing them to have their own savings for personal use.

III. Expansion of businessWith an increase in local consumption leading to an increase in needs of people, community

saw a number of small scale business, mainly informal coming up to serve the needs. This led to

an increased availability of goods and services in the marketplace leading to more competition

and lower transaction costs for consumers.


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IV. Increase in EmploymentM-Pesa had both direct and indirect impact on community in terms of employment

opportunities. As a direct opportunity, with a continuous increase in agent outlets, more

number of people opened M-Pesa kiosks leading to increased employment on small scale. With

the expansion of business, more number of people forayed into different business thus having

an increase in the employment opportunity for people.

V. Physical and food securityWith an increasing use as a mode of storing money, it allowed people not to carry cash in hand

thus reducing the chances of thefts. Survey results have shown that an increasing amount of

money is being carried by people helping in prospering business. M-Pesa agents were located

near many of the micro financing institutions, allowing people to convert their loans into e-float

and store in their mobile accounts.

Farmers in rural areas often lacked certain resources due to their inability to pay for the

resources at the required time. This was affecting the overall productivity of the system. With

an option of paying directly into mobile accounts and an increased availability of remittances,

they were able to fill in the missing gaps thus ensuring better food security.

VI. Increase in human capital accumulationWith higher money circulation and increasing availability of remittances, families in the rural

parts started believing in the need for development of the youth in the form of proper

education and medical resources so as to ensure their growth and hence further increase in

money availability to them. Thus with greater investments in education and medical

procedures, it led to an increase in human capital accumulation which is a mandatory

requirement for a developing country to sustain its growth.


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9. M-Pesa technology in IndiaIn India, with the modification of regulation policy of R.B.I, that allows the profit companies to

become a business correspondent for banks, it has opened vast opportunities for Telcom

industry to venture in the field of mobile payments. The current delivery model, as per the RBI

regulations has to be bank-linked where a registered mobile phone user needs to have a bank

account on which he can register for the mobile payment technology with the specific bank.

Once registered, a customer can the transfer money via sms or can pay for goods and buy

airtime and other similar services. The Mobile payment forum of India is the umbrella

organization responsible for deploying the service in India.

The Indian giants have already ventured in the market with

Reliance has also partnered with ICICI bank to come up with a similar service for mobile

banking. An international conference is being conducted by the business forum Mobile

Payments India 2012! to discuss on the new technologies of mobile payments and mobile

banking and the impact of institutions link up with financial system on the end customer. Our

analysis shows that there are certain factors that will support the growth of technology in India

while certain factors that we need to work upon so as to make mobile payments a successful

venture in respect of its impact on the bottom of pyramid in India too.

Airtel has come up with its money transfer service as Airtel money

along with Western union and State bank of India. Based on the

results of its pilot implementation in delhi-NCR and Chennai, the

service was launched across 300 cities by March 2011. It has been

promoted as an easier alternative to cash card payment options in

the urban regions.

Vodafone tied up with HDFC bank to launch its mobile money

transfer service called M-Paisa after a pilot implementation that was

carried out in Sikar district of Rajasthan.


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10.Scope of replicating the magic in India Supporting factorsFollowing are the factors that give us an indication that mobile technology can have a

phenomenal growth in India

I. RBIs inclination towards mobile walletAs per RBI estimates, nearly 40% of the population lacks access to financial services and hence

is unbanked. So RBI has shown increasing interest in formulating the policies that allows them

to increase their reach to the furthermost corners of the country where there is no access to

banking services but due to developed network coverage, access to mobile services is present.

RBI has allowed companies to tie up with banks for developing mobile payment services.

The government has also taken several projects for boosting m-banking in India. The National

payment corporation of India (NPCI), has launched an interbank mobile payment service that

allows fund transfer within banks through mobile phones. Thus not limiting the scope of m-

banking to transfer via same service provider.

II. Increasing migration in developing economyWith a growth rate of 2.53% per month, the population in India is increasingly moving towards

urban cities for employment. This has created an increasing need for remittance service. As per

increasing need for providing efficient service for remittance.

0

5

10

15

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

GDP - real growth rate

GDP - real

growth rate

the graph from Exhibit-5, we can see that

the GDP real growth rate of India has

been increasing. Thus creating an

increasing demand for people to migrate

to areas with better earning opportunity.

This high migration has resulted in an

Source Reference#4


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III. Increasing mobile phone subscribers in IndiaWith a 915 million subscriber base and a growth rate of more than 8 million subscribers per

month, India has a ubiquitously available network which can be leveraged for financial services

needs. There are furthermost parts of the country in its rural base where there is even no know

IV. Need for banking sector deepeningWith less than 100k ATMs and more than 600k villages across India, there is a mismatch in the

supply and demand of banking services and there is a huge potential for an intervention to fill

in the missing gaps.

11.Factors to be a hindrance in path of developmentFollowing are the factors on which we believe that India needs to work upon so as to make sure

that the expected growth and impact from mobile payment technology is achieved

I. Creating trust in retail outletsWith an increasing competition among the Indian giants, an exclusive agent channel will be very

difficult to maintain. In India, the trend is also that a single outlet keeps the recharge coupons

for all service providers and hence company specific providers are very less. Also the agents

earn commission on the basis of number of transaction. So even if we try to create company

specific outlets, the number of transactions that an agent caters to will decrease. Hence

lowering the overall commission per agent and making the business unprofitable for them.

0

10

20

30

40

50

60

mobile users

per 100

population

-how of banking services but there is

the reach of mobile phone networks.

Mobile banking services can help in

filling in such markets where banks

cannot reach or serve.

Source Refernce#5


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II. Increasing population a daunting challenge and a big opportunityAs per the current RBI policies, each mobile account has to be linked with your bank account.

India has nearly 300 million bank accounts. The integration of these mobile accounts with

individual bank accounts will be a daunting task considering the huge number. This will require

a better technology that can cater to such large number of transactions and can maintain this

huge database. If implemented, it will open vast forays of growth in financial service sector for

Indian telecom industry.

III. Low literacy levels in IndiaAs per the Census-2011, literacy level in India is at 74.04%. Educating the rural population for

the efficient use of technology will be a difficult task. This can be a major hindrance in the path

of growth of mobile payment technology because this model is sustainable only on the basis of

number of transactions taking place. Hence as long as the customer is not educated and he

does not believe in the legitimacy of the system, he will not be willing to transact. Thus bringing

down the overall profitability of the system.

12.Learning from M-Pesa intervention in KenyaBased on our study of the intervention of Safricom along with Vodafone group in Kenya for the

development of mobile payment technology, we derive the following 3 learning as the most

important one

I. Importance of having usage based model for reaching poor customersBanks find it difficult to serve to poor strata of society because their model is based on the

savings i.e they generate revenues from interest earned on the deposited amount. Since the

amount deposited in rural sector is very small and also the time for which it is deposited is very

less, so banks find it difficult to sustain with such a model. In such a state we need to come up

with a new model in which the revenue generated depends on the process taking place the

maximum number of times which in this case was a transaction based model.


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II. Leveraging technology for having a double rate diffusion for an exponential growthMost of the product or services are able to penetrate through to the early adopters and some

part of late adopters. The problem aggravates when you are developing for the lower strata of

the society because in such a case, diffusion till even the early adopters stage is very difficult

and a slow process. So we must need to design a technology that causes an increased growth

because only then we will be able to have a tangible impact along with making profit. The

marketing strategy and channel management used by Safaricom is a good example of how to

leverage your resources for an increased growth in demography.

III. Leveraging mobile technology to extend financial services to the unbanked poorReach of banking sector is limited and hence it limits the reach of financial sector too. But the

latest technologies like the mobile and wireless have seen by far the fastest growth and reach

to the farthest part of the country. Hence integrating these technologies with financial services

can help us in development of those regions where as such profitable reach would not have

been possible.


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13.ExhibitsExhibit 1(a) How people sent money prior to the launch of M-Pesa [Survey results FSD 2010]

Source Reference#6

Modes of transfer Percentage population

Money transfer service 9%Direct into bank 11%

by cheque 4%

post office money order 24%

through bus/ Matatu company 27%

By hand sent with family/friends 58%

paid in someone's account; who passed it on 3%

* Some people use more than 1 mode of transfer

Exhibit 1(b) How people sent money after the launch of M-Pesa [Survey results FSD 2010]

Source Reference#6

Modes of transfer Percentage population

M-Pesa 47%

Directly into Bank account 7%

By hand sent with family/friends 32%

through bus/Matatu company 9%

Other 5%

Exhibit 2 Financial Access in Kenya [Survey result FSD 2010]

Source Reference# 7

Access to form of service Percentage population

Formal banking service 19%

Semi-formal banking service 8%

Informal banking service 35%

Excluded from banking service 38%


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Exhibit 3 Growth of M-Pesa customers and agents [Source Reference#8]

Quarterly data No. of M-PESA CustomerNo. of Agent Outlets

countrywide

Apr-07 52453 355Jul-07 255708 681

Oct-07 807917 1196

Jan-08 1560607 1812

Apr-08 2373455 2606

Jul-08 3367192 3378

Oct-08 4420279 4781

Jan-09 5478279 7304

Apr-09 6482118 9521

Jul-09 7387980 11623

Oct-09 8,337,559 13,999

Jan-10 9,048,965 16,926Apr-10 9,673,837 18,103

Jul-10 11,895,515 19,502

Oct-10 13,006,562 21,358

Jan-11 13,474,418 24,921

Apr-11 14,008,319 27,988

Exhibit 4 Transaction charges [Source Reference#9]


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14.References

I. (William, Georgetown and Tavneet Pg 6) http://www.mit.edu/~tavneet/M-PESA.pdfII.

(FSD Pg.4) http://www.fsdkenya.org/pdf_documents/11-02-14_Mobile_payments_in_Kenya.pdf

III. http://www.ebizcolumn.com/2010/04/m-pesa-adoption-cycle-example-of-two.htmlIV. http://www.indexmundi.com/g/g.aspx?v=66&c=in&l=enV. http://www.indexmundi.com/g/g.aspx?v=4010&c=in&l=en

VI. (FSD Pg.3) http://www.fsdkenya.org/insights/10-10-13_FSD_Insights_M-PESA_issue_01.pdfVII. (FSD Pg.2) http://www.fsdkenya.org/insights/10-10-13_FSD_Insights_M-PESA_issue_01.pdf

VIII. (Safaricom)http://www.safaricom.co.ke/fileadmin/M-PESA/Documents/statistics/M-PESA_Statistics_-_2.pdf

IX. http://www.safaricom.co.ke/index.php?id=255