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Moreover, M-PESA has impacted essential services, such as clean water access, allowing villagers to unlock pumps via their phones by sending a small payment. This accessibility to vital resources reshapes traditional development paradigms, showing that financial technology can bridge gaps in existing infrastructures.
Overcoming Barriers
Despite its success, M-PESA's journey has not been without obstacles. Commercial banks initially pushed for regulations to thwart mobile money’s progress. However, the Kenyan government took a hands-off approach, understanding that financial inclusion and innovation could provide advantages for society as a whole. In contrast, many countries still grapple with banking lobbies that resist similar mobile money systems due to fears of disruption.