Kenya's Mobile Money and Financial Inclusion: Cultural Implications
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Currently, many scholars suggest 'financial inclusion' as one of the important policies for the poverty alleviation of the poor. This is because the importance of cultural inclusion is emphasized because it is recognized as an important tool to contribute to economic development and income inequality. The importance of financial inclusion is emphasized in the international community. At the G20 Pittsburgh Summit in September 2009, the Financial Engagement agenda was adopted as part of the international financial reform. At the June 2010 Toronto Summit, nine "innovative financial inclusion principles" were adopted (CGAP). Now Africa mobile money service is emerging as the fastest spreading and utilizing area, and Kenya is the most prominent example of it. The success story of mobile money service in Kenya is not merely the success of mobile money service in underdeveloped countries, but it is evaluated as important because it spreads financial inclusion and reduces poverty. In this paper, We analyzed the extent of financial embarrassment due to mobile money service in Kenya, an underdeveloped country, based on the G20 's 8 principles of digital financial inclusion.
Abstract
Currently, many scholars suggest 'financial inclusion' as one of the important policies for the poverty alleviation of the poor. This is because the importance of cultural inclusion is emphasized because it is recognized as an important tool to contribute to economic development and income inequality. The importance of financial inclusion is emphasized in the international community. At the G20 Pittsburgh Summit in September 2009, the Financial Engagement agenda was adopted as part of the international financial reform. At the June 2010 Toronto Summit, nine "innovative financial inclusion principles" were adopted (CGAP). Now Africa mobile money service is emerging as the fastest spreading and utilizing area, and Kenya is the most prominent example of it. The success story of mobile money service in Kenya is not merely the success of mobile money service in underdeveloped countries, but it is evaluated as important because it spreads financial inclusion and reduces poverty. In this paper, We analyzed the extent of financial embarrassment due to mobile money service in Kenya, an underdeveloped country, based on the G20 's 8 principles of digital financial inclusion.
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