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World’s richest man applauds M-Pesa

The world’s richest man Bill Gates has praised mobile money transfer service M-Pesa.

He said it is an innovation that would soon be embraced by developed countries.

Mr Gates, the wealthiest individual on earth according to Forbes, is worth $79.8 billion (Sh7.2 trillion) as at the beginning of this year.

He is the latest top personality to express admiration for the Kenya’s leading mobile money transfer platform operated by Safaricom.

He said M-Pesa is “an innovation that I think would trickle up from developing countries to the rich world.”

In an article on www.gatesnotes.com published last weekend and titled “Mobile Banking will Help the Poor Transform their Lives”, Mr Gates heaped lavish praise on M-Pesa saying it has helped millions of Kenyans transfer money without having a bank account.

SUPERBRAND

“In developing countries with the right regulatory framework, people are storing money digitally on their phones and using their phones to make purchases, as if they are debit cards,” he said.

The latest endorsement followed a survey that showed that M-Pesa is Kenya’s top “superbrand” after relegating its parent company, Safaricom, to the third position.

The survey released this week by the Centre for Brand Analysis ranks Kenya Red Cross Society second.

“By 2030, two billion people who do not have bank accounts today will be storing money and making payment with their phones.

“By then, mobile money providers will be offering the full range of financial services, from interest-bearing savings accounts to credit and insurance,” Mr Gates said.

According to him, digital banking will enable poor people have more control over their assets and help them transform their lives over the next 15 years.

M-Pesa has received accolades across the world following its enormous success in since it was launched in 2007.