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2019 | OriginalPaper | Chapter

7. Comparative Study of Mobile Money in Kenya and Malaŵi

Author : Sunduzwayo Madise

Published in: The Regulation of Mobile Money

Publisher: Springer International Publishing

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Abstract

This chapter undertakes a comparative study of mobile money services in Kenya and Malaŵi (Malawi). It provides a background to the development of the M-Pesa in Kenya as a remittance system that rode on the simple and yet powerful slogan Send Home. In most parts of sub-Saharan Africa, where migrant labour still exists, remittance to families and relatives in rural areas remained a key challenge which mobile money seems to have solved. The chapter examines factors that have led M-Pesa to be very successful in Kenya but not in other jurisdictions like Tanzania. It also examines the differences in operation between telco-led and bank-led models. While telco-led models are regulated as quasi-financial services, bank-led come under the prudential ambit of financial services regulation.

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previous chapter The Concept of Financial Inclusion

next chapter Malaŵi’s Existing Regulatory Framework of Mobile Money

Bilichi Kenya (2018) ‘Top Ten Companies in Kenya by Market Valuation 2018’ (28 February 2018), https://bilichi.co.ke/top-10-companies-kenya-2018/. 27 December 2018.

Mas and Ng’weno (2010).

The development fund arm of the British Government.

Porteous (2006), p. 26. See also Hughes and Lonie (2007).

AFI (2010), p. 4.

Ibid. The remittance dilemma is discussed in Chapter 4.

Mas and Ng’weno (2010).

Anon (2010) ‘Out of Thin Air’ The Economist (10 June 2010), http://www.economist.com/node/16319635. 15 December 2018.

Morawczynski and Miscione (2008), p. 292.

Ibid.

Nathan Hedgedus (2012) ‘An African Success Story Revealed’ (2) Ericsson Business Review 10, p. 12, http://www.ericsson.com/res/thecompany/docs/publications/business-review/2012/issue2/an_african_success_story_explained.pdf. 15 December 2018.

Mas and Morawczynski (2009), pp. 79–80.

Sam Floy (2016) ‘How and Why Mobile Money (M-Pesa) Works in Kenya’ Our Mobile World (13 October 2016), http://samfloy.com/how-and-why-mobilelectronicmoney-m-pesa-works-in-kenya/. 7 April 2018. Also see Mas and Ng’weno (2010), p. 8.

Jack et al. (2010), p. 87.

Akin Oyebode (2014) ‘M-Pesa and Beyond—Why Mobile Money Worked in Kenya and Struggles in Other Markets’ Venture Capital for Africa (15 May 2014), http://vc4africa.biz/blog/2014/01/15/m-pesa-and-beyond-why-mobilelectronicmoney-worked-in-kenya-and-struggles-in-other-markets/. 15 December 2018.

Isern and De Koker (2012).

IFC (2011) ‘IFC Mobile Money Study 2011—Summary Report’ (International Finance Corporation), p. 18, http://www.ifc.org/wps/wcm/connect/fad057004a052eb88b23ffdd29332b51/MobileMoneyReport-Summary.pdf?MOD=AJPERES. 15 December 2018.

Ibid., p. 18.

Graham Kajilwa (2015) ‘Safaricom and Airtel Lose Market Share to New Comers, Regulator Report Shows’ Standard (28 December 2015), http://www.standardmedia.co.ke/business/article/2000186415/safaricom-and-airtel-lose-market-share-to-new-comers-regulator-report-shows. 31 October 2018.

Kristie Wang (2012) ‘Replicating M-Pesa: Mobile and Cloud Technology Spur Innovation in Financial Inclusion’ (15 December 2016), http://nextbillion.net/blogpost.aspx?blogid=2869.

Matt Krueger (2011) ‘Four Reasons M-Pesa Succeeded in Kenya’ Mobile Money Exchange (9 May 2011), https://mobilemoneyexchange.wordpress.com/2011/05/09/four-reasons-m-pesa-succeeded-in-kenya/. 10 March 2018.

Wolgang Fengler (2012) ‘How Kenya Became a World Leader for Mobile Money’ (Africa Can End Poverty, The World Bank, 16 July 2012), http://blogs.worldbank.org/africacan/how-kenya-became-a-world-leader-for-mobilelectronicmoney. 7 April 2018.

Mas and Ng’weno (2010), p. 24.

Heeks (2012).

Idongesit Williams and Benjamin Kwofie (2014) ‘The Impact of Liberalization on the Mobile Telephony Market in Africa’ in Knud Erik Skouby and Williams Idongesit (eds) The African Mobile Story (River Publishers, Copenhagen), p. 37.

Ibid.

Sean Kane (2002) ‘Telecom Reform and Poverty Alleviation in Kenya’ (3) African Journal of Information and Communication 31, p. 38.

Williams and Kwofie (2014), p. 38.

Fengler (2012).

Krueger (2011).

Ibid.

Oyebode (2014).

Ibid.

Fengler (2012).

Jack and Suri (2011), p. 7.

Ibid.

AFI (2010), p. 1.

Ibid., p. 2. The Standard carried an article described it as disaster waiting to happen—John Njiraini and James Anyanzwa (2008) ‘Unmasking the Storm Behind M-Pesa’ The Standard (30 December 2008), http://www.standardmedia.co.ke/?articleID=1144002826&story_title=. 13 March 2018.

AFI (2010), p. 3.

Ibid., p. 1.

Ibid., p. 4.

Ibid., pp. 4–5.

Ibid., p. 3.

Ibid., p. 12.

Hedgedus (2012), p. 15.

Anon (2016a) ‘Mobile Money—M-Pesa in Kenya, 7 Things Worth Knowing’ SEPA Mobile Payments (20 November 2015), http://www.sepaforcorporates.com/sepa-mobile-payments/mobilelectronicmoney-m-pesa-kenya-7-things-didnt-know/. 31 October 2018.

Hilton Tarrant (2011) ‘Why Kenya’s M-Pesa Won’t Work Anywhere Else’ (Moneyweb, 13 March 2015), http://www.moneyweb.co.za/archive/why-kenyas-mpesa-wont-work-anywhere-else/.

Ibid.

Morawczynski and Miscione (2008), p. 293.

Ibid., p. 295.

Ibid., p. 293.

Ibid.

Mas and Morawczynski (2009), p. 78.

Krueger (2011).

Camner and Sjöblom (2009), p. 7.

Heeks (2012).

Oyebode (2014).

Anon (2013b) ‘Why Does Kenya Lead the World in Mobile Money?’ The Economist (27 May 2013), http://www.economist.com/blogs/economist-explains/2013/05/economist-explains-18. 15 December 2018.

Morawczynski and Miscione (2008), p. 296.

Ibid.

Eric Ombok (2010) ‘Safaricom Names Collymore as Chief Executive Officer’ Bloomberg Business (22 July 2010), http://www.bloomberg.com/news/articles/2010-07-22/kenya-s-safaricom-appoints-bob-collymore-as-ceo-replacing-michael-joseph. 16 March 2018.

Anon (2007a) ‘Kibera UK—The Gap Year Company’ (Kibera UK Charity), http://www.kibera.org.uk/Facts.html. 16 March 2018. Others have Khayelitsha, the South African slum in Cape Town as the biggest in Africa—Daniel Tovrov (2011) ‘5 Biggest Slums in the World’ International Business Times (9 December 2011), http://www.ibtimes.com/5-biggest-slums-world-381338. 16 March 2018.

Morawczynski and Miscione (2008), p. 289.

Ibid.

Ibid., p. 290.

Ibid.

Anon (2013b).

Ibid.

Tarrant (2011).

Mas and Ng’weno (2010), p. 2.

Ibid., p. 6.

Ibid., p. 7.

Ibid., p. 8.

Ibid., p. 3.

Mas and Morawczynski (2009), p. 86.

Safaricom (2016a) ‘M-PESA Rates’ (Safaricom), https://www.safaricom.co.ke/personal/m-pesa/get-started-with-m-pesa/m-pesa-tariffs. 9 May 2018.

Ibid.

IFC (2011), p. 19.

James Crabtree (2012) ‘M-Pesa’s Cautious Start in India’ Financial Times (New York, 27 December 2012), http://www.ft.com/cms/s/0/a09c0f68-4a9a-11e2-9650-00144feab49a.html#axzz3UGBgLWPj. 15 December 2018.

Tarrant (2011).

Crabtree (2012) and Wang (2012).

Oyebode (2014) and James Crabtree (2012).

Ibid.

Camner and Sjöblom (2009), p. 3.

Ibid., p. 4.

Ibid.

Emil Sjöblom, Gunnar Camner and Caroline Pulver (2009) What Makes a Successful Mobile Money Implementation? Learnings from M-PESA in Kenya and Tanzania (GSMA), p. 4, http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2012/03/What-makes-a-successful-mobilelectronicmoney-implementation.pdf. 1 March 2018.

Camner and Sjöblom (2009), p. 7.

Julius Nyerere (1967) ‘The Arusha Declaration’ (Tanganyika African National Union), https://www.marxists.org/subject/africa/nyerere/1967/arusha-declaration.htm. 15 December 2018.

Camner and Sjöblom (2009), p. 7.

Ibid., p. 7.

Ibid., p. 2.

Population density of 66.2 per square km for Kenya and 43.9 for Tanzania.

Camner and Sjöblom (2009), p. 6.

Ibid., p. 2.

Ibid.

Ibid.

Ibid., p. 4.

Camner and Sjöblom (2009), p. 4.

105

Ibid.

106

Ibid.

107

Camner and Sjöblom (2009), p. 7.

108

Ibid., p. 2.

109

Ibid., p. 3.

110

Camner and Sjöblom (2009), p. 3.

111

AFI (2010), p. 1.

112

Camner and Sjöblom (2009), p. 2.

113

Ibid.

114

Camner and Sjöblom (2009), p. 9.

115

Lynsey Chutel (2016) ‘Vodacom Has Given Up on Revolutionary Mobile Money Service M-Pesa, in South Africa’ Quartz Africa Weekly Brief (9 May 2016), https://qz.com/679059/vodacom-has-given-up-on-revolutionary-mobilelectronicmoney-service-m-pesa-in-south-africa/. 10 January 2018.

116

Ibid.

117

Vodacom (2016b) ‘Ada za M-Pesa’ (Vodacom Tanzania PLC), https://vodacom.co.tz/mpesa/consumers/mpesa_tarrifs. 9 May 2018.

118

Airtel (2013a). Anon (2013a) ‘TNM Launches Mobile Money Mpamba to Build Great Malawi Nation’ Nyasa Times, http://www.nyasatimes.com/tnm-launches-mobilelectronicmoney-mpamba-to-build-great-malawi-nation/. 28 December 2018.

119

Although in truth Malaŵi was never a colony but a protectorate.

120

ADB (2014) ‘Comparing the Real Size of African Economies’ (African Development Bank), p. 16, https://www.afdb.org/fileadmin/uploads/afdb/Documents/Project-and-Operations/Highlights_-_Comparing_the_Real_Size_of_Africa_Economies_%E2%80%93_Main_results_of_the_2011_round_of_the_International_Comparison_Program__ICP_.pdf. 20 July 2018.

121

ADB (2014), p. 24.

122

Anon (2017) ‘African Countries by Population’ (Worldometers), http://www.worldometers.info/population/countries-in-africa-by-population/. 20 July 2018.

123

CIA (2014) ‘The World Factbook’ (Central Intelligence Agency), https://www.cia.gov/library/publications/the-world-factbook/rankorder/2147rank.html. 20 July 2018.

124

Airtel is owned by the Barhti Group of India. The company (in Malaŵi) was previously known as Zain after Zain had bought the company from Celtel.

Mkoloma (2015).

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Airtel (2013e) ‘Agents’ (Airtel Malaŵi), http://africa.airtel.com/wps/wcm/connect/AfricaRevamp/Malawi/Airtel_Money/Home/Agents. 23 March 2018.

Ibid.

Airtel (2013a).

Ibid.

Ibid.

Airtel (2013c).

Ibid.

Mkoloma (2015).

Airtel (2013a).

Ibid.

Airtel (2013d) ‘Airtel—How It Works: Send Money’ (Airtel Malaŵi), http://africa.airtel.com/wps/wcm/connect/africarevamp/malawi/airtel_money/home/personal/how_it_works/send_money. 23 March 2018.

155

Airtel (2013b) ‘Airtel—Merchants and Utilities’ (Airtel Malaŵi), http://africa.airtel.com/wps/wcm/connect/AfricaRevamp/Malawi/Airtel_Money/Home/Merchants_and_utilities. 23 March 2018.

Mkoloma (2015).

Ibid.

Ibid.

Ibid.

Ibid.

Formerly Telekom Networks Malaysia, it was the first player in the mobile phone business in Malaŵi.

Mbekeani (2015).

Ibid.

Ibid.

Ibid.

Ibid.

TNM (2014a) ‘What Is Mpamba’ (Telekom Networks Malawi), https://www.tnmmpamba.co.mw/index.php/what-is-mpamba. 20 March 2018.

Ibid.

Ibid.

Ibid.

TNM (2014b) ‘How to Use Mpamba: Customers’ (Telekom Networks Malawi), https://www.tnmmpamba.co.mw/index.php/user-guide. 20 March 2018.

172

TNM (2014c) ‘How to Use Mpamba: Agents’ (Telekom Networks Malawi), https://www.tnmmpamba.co.mw/index.php/user-guide/agent-user-guide. 20 March 2018.

173

The author worked for the telecommunications sector (1991–1999).

174

Charles Simango (2015) ‘Mobile Money Is New Fashion in Malawi’ The Nation (3 February 2015), http://mwnation.com/mobilelectronicmoney-newfashion-malawi/. 11 May 2018.

175

RBM (2016) Monthly National Payments System Report: July 2016 (Reserve Bank of Malaŵi), p. 1, https://www.rbm.mw/PaymentSystems/GetContentFile/?ContentID=7870. 12 May 2018.

176

TNM (2016) Annual Report 2015 (Telekom Networks Malaŵi Limited), p. 10, https://drive.google.com/file/d/0B9DwraK-rABVQUlRYnoyTlo0Znc/view. 11 March 2018.

177

Ibid., p. 10.

178

Unlike TNM which is a publicly listed company, Airtel is a private company.

179

MACRA (2016) National Survey on Access to and Usage of ICT Services in Malawi (Malaŵi Communications Regulatory Authority Blantyre), p. 12, http://www.macra.org.mw/wp-content/uploads/2016/01/MACRA-Survey-Report-National-Household-and-Individual-access-to-and-usage-of-ICT.pdf. 11 March 2018.

Ibid.

Ibid.

MACRA (2016), p. 14.

Ibid.

Ibid.

Mbekeani (2015).

Ibid.

Ibid.

Maurer (2011).

Alan Gibson (2006) Developing Financial Services Markets for the Poor: FinMark in South Africa (Making Markets Work for the Poor: Case Studies Series, Schweizerische Eidgenossenschaft, Bern), p. 5, http://www.value-chains.org/dyn/bds/docs/614/M4P_case_study_FinMark_april2007.pdf. 19 March 2018.

190

Ibid., p. 11.

191

Tovrov (2011).

192

Porteous (2006), p. 27.

193

By use of a Maestro branded debit card which is part of the account—ibid., p. 27.

194

Ibid.

195

Rabecca Harrison (2005) ‘Cell Phones Plug Africa’s Poor into Mobile Banking’ Reuters South Africa (1 November 2005), https://www.mail-archive.com/telecom-cities@forums.nyu.edu/msg00327.html. 21 Janaury 2018.

196

Mas and Morawczynski (2009), p. 77.

197

WIZZIT (2016a) ‘History’ (WIZZIT), http://www.wizzit.co.za/?q=node/197. 14 May 2018.

198

WIZZIT (2016b) ‘Cellphone Banking’ (WIZZIT), http://www.wizzit.co.za/?q=node/68. 14 May 2018.

199

WIZZIT (2016c) ‘Who We Are’ (WIZZIT International), http://wizzit-int.com.dedi89.cpt1.host-h.net/who-we-are/. 14 May 2018.

200

South Africa, Zambia, Tanzania, Romania, Rwanda, Namibia, Botswana, Honduras, and Nigeria.

201

WIZZIT (2016c). Anon (2014) ‘WIZZIT CEO: Reflections & Predictions for the Future of Mobile Money’ (Mondato Insight, Mondato, 14 January 2016), http://mondato.com/blog/wizzit-founder/. 14 May 2018.

202

WIZZIT (2016c).

203

An entity called MTN Mobile Money South Africa was formed—Cisco (2012) MTN Mobile Money Service (Mobile Connected Life Experiences, Cisco), http://www.cisco.com/en/US/solutions/collateral/ns341/ns525/ns537/ns705/ns1058/Cisco_MTN_CS.pdf. 19 March 2018.

204

Porteous (2006), p. 26.

205

MTN (2016) ‘MTN Mobile Money’ (Mobile Telephone Network, South Africa), https://www.mtn.co.za/everyday_services/useful_extras/Banking/Pages/mobile_banking.aspx. 19 March 2018.

Ibid.

Ibid.

Ibid.

Anon (2007b) ‘WIZZIT: Banking the Unbanked in South Africa’ (World Bank) (Audio Visual), https://www.youtube.com/watch?v=2SKhCYoF0Lg. 1 March 2018.

210

Heeks (2012).

211

Chutel (2016).

212

Rabelani Dagada (2015) ‘Mobile Money Stalls in SA’ ITWeb in Banking (10 February 2018), http://www.itweb.co.za/index.php?option=com_content&view=article&id=141012. 19 March 2018.

ADB (2014) ‘Comparing the Real Size of African Economies’ (African Development Bank), https://www.afdb.org/fileadmin/uploads/afdb/Documents/Project-and-Operations/Highlights_-_Comparing_the_Real_Size_of_Africa_Economies_%E2%80%93_Main_results_of_the_2011_round_of_the_International_Comparison_Program__ICP_.pdf. 20 July 2018.

AFI (2010) Enabling Mobile Money Transfer: The Central Bank of Kenya’s Treatment of M-Pesa (Alliance for Financial Inclusion), http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2013/09/enablingmobilemoneytransfer92.pdf. 15 December 2018.

Airtel (2013a) ‘Airtel Money Launch in Malawi’ (Airtel), http://africa.airtel.com/wps/wcm/connect/africarevamp/malawi/home/personal/airtel-money. 15 December 2018.

Airtel (2013b) ‘Airtel—Merchants and Utilities’ (Airtel Malaŵi), http://africa.airtel.com/wps/wcm/connect/AfricaRevamp/Malawi/Airtel_Money/Home/Merchants_and_utilities. 23 March 2018.

Airtel (2013c) ‘About Airtel Money’ (Airtel Malaŵi), http://africa.airtel.com/wps/wcm/connect/AfricaRevamp/Malawi/Airtel_Money/Home/Personal/About_airtel_money. 23 March 2018.

Airtel (2013e) ‘Agents’ (Airtel Malaŵi), http://africa.airtel.com/wps/wcm/connect/AfricaRevamp/Malawi/Airtel_Money/Home/Agents. 23 March 2018.

Airtel (2018) ‘Airtel Malawi Tariffs’ (Airtel), http://africa.airtel.com/wps/wcm/connect/AfricaRevamp/Malawi/Airtel_Money/Home/Personal/tariffs. 27 December 2018.

Alan Gibson (2006) Developing Financial Services Markets for the Poor: FinMark in South Africa (Making Markets Work for the Poor: Case Studies Series, Schweizerische Eidgenossenschaft, Bern), http://www.value-chains.org/dyn/bds/docs/614/M4P_case_study_FinMark_april2007.pdf. 19 March 2018.

Anon (2007a) ‘Kibera UK—The Gap Year Company’ (Kibera UK Charity), http://www.kibera.org.uk/Facts.html. 16 March 2018.

Anon (2007b) ‘WIZZIT: Banking the Unbanked in South Africa’ (World Bank) (Audio Visual), https://www.youtube.com/watch?v=2SKhCYoF0Lg. 1 March 2018.

Anon (2010) ‘Out of Thin Air’ The Economist (10 June 2010), http://www.economist.com/node/16319635. 15 December 2018.

Anon (2013a) ‘TNM Launches Mobile Money Mpamba to Build Great Malawi Nation’ Nyasa Times, http://www.nyasatimes.com/tnm-launches-mobilelectronicmoney-mpamba-to-build-great-malawi-nation/. 28 December 2018.

Anon (2013b) ‘Why Does Kenya Lead the World in Mobile Money?’ The Economist (27 May 2013), http://www.economist.com/blogs/economist-explains/2013/05/economist-explains-18. 15 December 2018.

Anon (2014) ‘WIZZIT CEO: Reflections & Predictions for the Future of Mobile Money’ (Mondato Insight, Mondato, 14 January 2016), http://mondato.com/blog/wizzit-founder/. 14 May 2018.

Anon (2016b) ‘Airtel Leads the Way’ The Times (Blantyre, 28 January 2016), http://www.times.mw/airtel-malawi-leads-the-way/. 11 March 2018.

Anon (2017) ‘African Countries by Population’ (Worldometers), http://www.worldometers.info/population/countries-in-africa-by-population/. 20 July 2018.

Bilichi Kenya (2018) ‘Top Ten Companies in Kenya by Market Valuation 2018’ (28 February 2018), https://bilichi.co.ke/top-10-companies-kenya-2018/. 27 December 2018.

Bill Maurer (2011) ‘Mobile Money Regulation: A Story Arc of Best Practices and Emerging Realizations’ Notes from the Field (December 2011), http://faculty.sites.uci.edu/wmmaurer/files/2011/12/Note_Dec2011_IMTFI.pdf. 15 December 2018.

Charles Simango (2015) ‘Mobile Money Is New Fashion in Malawi’ The Nation (3 February 2015), http://mwnation.com/mobilelectronicmoney-newfashion-malawi/. 11 May 2018.

CIA (2014) ‘The World Factbook’ (Central Intelligence Agency), https://www.cia.gov/library/publications/the-world-factbook/rankorder/2147rank.html. 20 July 2018.

Cisco (2012) MTN Mobile Money Service (Mobile Connected Life Experiences), http://www.cisco.com/en/US/solutions/collateral/ns341/ns525/ns537/ns705/ns1058/Cisco_MTN_CS.pdf. 19 March 2018.

Daniel Tovrov (2011) ‘5 Biggest Slums in the World’ International Business Times (9 December 2011), http://www.ibtimes.com/5-biggest-slums-world-381338. 16 March 2018.

David Porteous (2006) The Enabling Environment for Mobile Banking in Africa (Report Commissioned by Department for International Development [DFID], Boston), http://bankablefrontier.com/wp-ontent/uploads/documents/ee.mobil_.banking.report.v3.1.pdf. 14 September 2018.

Emil Sjöblom, Gunnar Camner and Caroline Pulver (2009) What Makes a Successful Mobile Money Implementation? Learnings from M-PESA in Kenya and Tanzania (GSMA), http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2012/03/What-makes-a-successful-mobilelectronicmoney-implementation.pdf. 1 March 2018.

Gunnar Camner and Emil Sjöblom (2009) Can the Success of M-PESA Be Repeated?—A Review of the Implementations in Kenya and Tanzania, http://emil.sjoblom.com/pdf/M-Pesa_implementations_Ke_Tz.pdf. 15 December 2018.

Hilton Tarrant (2011) ‘Why Kenya’s M-Pesa Won’t Work Anywhere Else’ (Moneyweb, 13 March 2015), http://www.moneyweb.co.za/archive/why-kenyas-mpesa-wont-work-anywhere-else/.

IFC (2011) ‘IFC Mobile Money Study 2011—Summary Report’ (International Finance Corporation), http://www.ifc.org/wps/wcm/connect/fad057004a052eb88b23ffdd29332b51/MobileMoneyReport-Summary.pdf?MOD=AJPERES. 15 December 2018.

Ignacio Mas and Amolo Ng’weno (2010) Three Keys to M-PESA’s Success: Branding, Channel Management and Pricing (GSMA), http://www.www.oneapigw.gsma.com/mobilefordevelopment/wp-content/uploads/2012/06/keystompesassuccess4jan69.pdf. 15 December 2018.

Ignacio Mas and Olga Morawczynski (2009) ‘Designing Mobile Money Services Lessons from M-PESA’ 4 (2) Innovations 77.

Interview with Webster Mbekeani Head, Mobile Money Division, TNM (20 August 2015).

Interview with Bigboy Mkoloma Product and Development Manager, Airtel Money (7 August 2015).

Jennifer Isern and Louis De Koker (2012) AML/CFT: Strengthening Financial Inclusion and Integrity (CGAP Focus Notes, CGAP, Washington, DC), http://dro.deakin.edu.au/eserv/DU:30020790/dekoker-amlcft-2009.pdf. 14 November 2018.

Jenny Aker and Isaac Mbiti (2010) ‘Mobile Phones and Economic Development in Africa’ 24 (3) Journal of Economic Perspectives 207, https://www.aeaweb.org/atypon.php?doi=10.1257/jep.24.3.207. 13 December 2018.

John Njiraini and James Anyanzwa (2008) ‘Unmasking the Storm Behind M-Pesa’ The Standard (30 December 2008), http://www.standardmedia.co.ke/?articleID=1144002826&story_title=. 13 March 2018.

Julius Nyerere (1967) ‘The Arusha Declaration’ (Tanganyika African National Union), https://www.marxists.org/subject/africa/nyerere/1967/arusha-declaration.htm. 15 December 2018.

Kristie Wang (2012) ‘Replicating M-Pesa: Mobile and Cloud Technology Spur Innovation in Financial Inclusion’ (15 December 2016), http://nextbillion.net/blogpost.aspx?blogid=2869.

Lara Gilman (2016) The Impact of Mobile Money Interoperability in Tanzania, http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2016/10/2016_GSMA_The-impact-of-mobilelectronicmoney-interoperability-in-Tanzania.pdf. 10 May 2018.

Luke Bisani (2016) ‘Airtel Proud of Airtel Money’ Malawi24 (27 June 2018), https://malawi24.com/2016/06/27/airtel-proud-airtel-money/. 11 March 2018.

MACRA (2016) National Survey on Access to and Usage of ICT Services in Malawi (Malaŵi Communications Regulatory Authority Blantyre), http://www.macra.org.mw/wp-content/uploads/2016/01/MACRA-Survey-Report-National-Household-and-Individual-access-to-and-usage-of-ICT.pdf. 11 March 2018.

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Title: Comparative Study of Mobile Money in Kenya and Malaŵi
Author: Sunduzwayo Madise
Publisher: Springer International Publishing
Book: The Regulation of Mobile Money
Print ISBN: 978-3-030-13830-1

Electronic ISBN: 978-3-030-13831-8

Copyright Year: 2019
DOI: https://doi.org/10.1007/978-3-030-13831-8_7

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