Mobile Money Wins the Social and Economic Innovation Award 2010

The M-PESA service allows people to transfer money, pay bills and save using a mobile phone, without a bank account. The service is designed to work on even the most basic handset and is secure, quick and simple to use. The scheme became widely available in Kenya in 2007, has since been deployed in Tanzania and Afghanistan and has recently been launched in South Africa. It has also inspired a host of similar services, in Africa and beyond.

Commenting on the award decision by a panel of independent judges, Tom Standage, Digital Editor at The Economist said, “Since its launch in early 2007, M-PESA has attracted over 12 million users, or nearly a third of the Kenyan population. M-PESA has changed the way money moves around in Kenya and has made a big difference to many people’s lives, offering them a safe, secure and low-cost way of transferring money, paying bills, receiving wages and running small businesses. By contrast, there are only 750 banking outlets and fewer than five million bank accounts in the entire country. The judges are recognising Nick Hughes and Susie Lonie for their innovative and successful scheme that has great potential to increase financial inclusion and drive economic activity. The reach and influence of their product has been extraordinary, not just within Kenya but also beyond, as operators have been inspired by M-PESA’s success and launched similar services.”