M-Kesho, Equity deal a wake-up call

Before the arrival of M-Pesa, e-banking in Kenya was little more than a feisty marketing gimmick used by a few banks to target corporate customers, and offering limited services, mostly checking up on their balances and requesting for cheque books.

Safaricom’s introduction of M-Pesa was the game-changer, forcing banks to go back to the drawing board, as they saw frustrated clients snap up the mobile money transfer service with much aplomb, while voting with their feet in the banking halls.