OPINION BY TOPE FASUA: Where is West Africa’s M-PESA? | TheCable
has helped greatly in financial and economic inclusion by enabling the poorest of the poor to get finances through transfers and remittances, but most importantly for their trades. M-PESA must have lifted many millions from abject poverty.
In Kenya, I found something different. Totally different. You can withdraw up to 40,000 Kenyan Shillings in a single withdrawal at any automated teller machine . This is like N220,000. And you can do that several times daily. So, through ATMs, you can withdraw at least an equivalent of about N1 million a day but most people don’t use cash. Cash has become an oddity even for the poorest. It’s unlikely a taxi driver will find change for you if you hand him cash. So there comes M-PESA.
West Africa is lagging behind the world on most indices. And Nigeria is a major factor in that lag. We need to step up and do more. If francophone countries are not cooperating, let us talk with anglophone countries. East Africans are surging ahead. I looked at Nigerian banks in Kenya…UBA, GT, Access etc.. and they looked like fish out of water. They have little business in Kenya. I doubt if they are growing too. The Kenyan financial market is far more developed than ours.
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