First book on M-Pesa technology launched

Vodafone Director of mobile money Michael Joseph (left), author of M-Pesa book Tonny Omwansa (centre) and ICT Cabinet Secretary Fred Matiang’i during the book launch. (Photo: Courtesy)

By Judy Nguta (@JudyNguta)

Nairobi, Kenya: The public and the world at large will now have a point of reference on Safaricom’s mobile funds transfer service M-Pesa , after a book on the service was launched.

The book; Money, Real Quick- The story of M-PESA, co-authored by Tonny Omwansa and Nicholas Sullivan was officially launched to the Kenyan market on Tuesday.

The book traces M-Pesa roots since its inception in 2003, it also illustrates the magnitude of the impact of the mobile money transfer service on its 18.2 million customers.

It features use of M-PESA in ways that had not been part of the original business model including the national airline, the power utility and insurance companies.

The book also brings to light challenges experienced in selling the product. Banks’ initially had reservations about the scheme but once it was successful, they have widely used it to offer financial services to a new customer base.

The service was officially introduced to the market in 2007.

Launched as a simple money transfer service, M-PESA has evolved to a full payment service which now includes payment services and the Lipa na M-PESA service which is targeted at SMEs.

ICT Cabinet Secretary Fred Matiang’i, who was present during the book launch, said the service has played a pivotal role in supporting the financial inclusion agenda.

“By crystallising the M-PESA journey, this book will allow us to share with the rest of the world, this phenomenal innovation which has redefined the local financial landscape. M-PESA is a case study in the key roles that relevance and access have in resolving societal problems,” he said.

The service has grown tremendously and has baffled many, with several countries seeking to learn more on the innovation that has brought the convenience of mobile funds transfer to the lives of Kenyans.

 “M-PESA has put Kenya and Africa at the forefront of ICT innovation and is a reference for many other countries that plan to implement a mobile money payment platform. M-PESA is indeed one of the ways that we have been able to fulfil our aspiration to Transform Lives,” said Safaricom’s GM of Financial Services, Betty Mwangi-Thuo.

“M-PESA has earned its place as the most disruptive mobile money innovation and to date none other has come close. M-PESA has changed people’s lives in ways that could not have been envisaged by the people who created it and that is what we have captured in this book,” said Omwansa.

Omwansa is a lecturer at the university of Nairobi while Nicholas Sullivan is a Senior Fellow at the Centre for Emerging Market Enterprises.

The book will be available to the public Amazon and Kindle online bookstores.