Agent-based Banking: Is There Life Beyond M-PESA?

The success of M-PESA has generated huge optimism about the potential of agent-based banking to make a very substantial contribution to financial inclusion. But some people argue careful examination of M-PESA shows that it remains an expensive, “clunky” payment system and, while valuable, does not offer the range, quality or affordability of financial services that most observers would view as essential to achieve real financial inclusion. Furthermore, despite the deployment over 100 e/m-banking systems across the globe, all are struggling to replicate the success of M-PESA. Clearly it is time for a re-evaluation of agent-based banking and the ingredients necessary for it to achieve its potential.

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