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Definition of 'M-Pesa'

M-Pesa is a mobile money service that allows users to send and receive money, pay bills, and buy goods and services using their mobile phones. It is the leading mobile money service in Kenya, with over 29 million active users. M-Pesa was launched in 2007 by Safaricom, a Kenyan mobile phone company.

M-Pesa works by allowing users to deposit money into their M-Pesa account using their mobile phone. This money can then be used to send money to other M-Pesa users, pay bills, or buy goods and services from businesses that accept M-Pesa.

To send money using M-Pesa, users simply need to enter the recipient's phone number and the amount of money they want to send. The recipient will then receive a notification on their phone and can collect the money from any M-Pesa agent.

M-Pesa is a convenient and secure way to send and receive money. It is also a valuable tool for financial inclusion, as it allows people who do not have access to traditional banking services to participate in the formal economy.

M-Pesa has been praised for its role in promoting financial inclusion in Kenya. A 2016 study by the World Bank found that M-Pesa had helped to increase the number of Kenyans with bank accounts by 25%. The study also found that M-Pesa had helped to reduce poverty and improve financial resilience among Kenyans.

M-Pesa has also been used to support a variety of social programs, such as microfinance and health insurance. In 2014, the Kenyan government launched a program called M-TIBA, which allows users to purchase health insurance using M-Pesa. M-TIBA has helped to make health insurance more accessible to Kenyans, and has also helped to reduce the cost of healthcare.

M-Pesa is a successful mobile money service that has had a positive impact on financial inclusion in Kenya. It is a convenient, secure, and affordable way to send and receive money, and it has helped to improve the lives of millions of Kenyans.

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