M-Pesa, its 12.2 million active customers, and 81,000 agent outlets have fundamentally altered the landscape of financial services in Kenya. More than half the adult population now uses M-PESA, which has contributed to a dramatic increase in the percentage of adults with access to formal financial services since 2009, when just 41% of adults had access. Now, this figure is at 67%.
Back in 2010, CGAP debunked some common misconceptions about the mobile money service. Overall, there is now a much better understanding of how M-PESA works, but there are still some misconceptions.
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