L-Pesa has had a fantastic impact on financial inclusion over the last few years. To understand how far it has moved finance forward, it is worth looking back. Picture the financial landscape just one decade ago within a small village anywhere in the world. If someone wanted access to credit, it was highly possible that there were no formal financial institutions around them. Furthermore, it was not possible to access funds using a mobile phone. The options that remained included savings associations or shylocks. The result was that people opted not to access financial services, which slowed down their overall progress and development.
The poor have been marginalized from financial services for decades. This has meant that they have not been able to gain access to credit and other financial services for various reasons. With the introduction, and uptake of the mobile phone, these barriers are slowly being broken. L-Pesa is a progressive finance service that noticed an opportunity for financial inclusion amongst those who had financial need. Through L-Pesa, those who had been marginalized were finally able to gain access to credit and other financial services.
L-Pesa offers digital microloan services, with minimal criteria for access. This ensures that almost anyone of age can gain access to funds when they need from…
