This is an interesting article with theories as to why mobile money has worked in Keyna, but hasn’t caught traction in other markets.
Citing The Economist, it states that the majority of Kenya’s population uses M-Pesa, Kenya’s adopted mobile money transfer service:
17 million Kenyans (70% of the adult population) use M-Pesa through its network of 40,000 agents and an estimated 25% of Kenya’s gross national product flows through the channel.
The article compares the percentage of Kenya’s population that uses mobile money to other countries:
Kenya is clearly an outlier with 46% of Kenyans sending a domestic remittance monthly, compared to 18-23% in the next set of countries including Nigeria.
(via this Tweet from Morgan Ashenfelter)