M-Pesa in Kenya: A legal analysis

In developed economies, such as those in Europe, payment services have historically been dominated by retail banks. Such banks now face disruption from financial innovations, such as mobile payment services, which offer an alternative to bank transfers. The increasing use of financial innovations appears to be a world-wide trend, with mobile payments also gaining traction in emerging economies, particularly those in Sub-Saharan Africa. The use of mobile payments in this region continues to grow exponentially, with the Groupe Spéciale Mobile Association (GSMA) (a multi-national body representing mobile network operators (MNO) from various countries) reporting that by the end of 2016, the number of registered mobile money accounts in Sub-Saharan Africa (277 million) exceeded the number of bank accounts in the region.