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The Pleasures and Perils of New Money in Old Pockets; M-PESA and Bitcoin in Kenya

Kenya, the first market for Telco-led payments systems, through the use of mobile, to be successful. As a result, other payments systems such as crypto payment system Bitcoin see Kenya as a market worth investing in. This paper analyzes how M-PESA gained traction in a payment system that was bank led. The paper looks at the journey M-PESA took to effectively break into a market normally the preserve of banking. The paper further makes recommendations and provides steps for Bitcoin and other payments systems to follow to enter the payments market in Kenya. This paper is a roadmap for payment services providers with an interest in Kenya’s local and international money remittance business from the lessons I learnt while working in Safaricom, as Counsel for M-PESA.