By Smoki Musaraj and Ivan Small
How we think about and what we think of as money is constantly changing. And in many cases, those changes are driven in locales that are not necessarily centers of global capital. Consider for the instance of the relatively recent introduction of “mobile money”. In 2007, the Kenyan mobile network operator, Safaricom, launched a mobile payment service named M-Pesa. The service enabled people with no bank accounts (and no access to bank branches) to send and receive money via their mobile phone. By 2011, the service had enlisted 17 million subscribers; by 2014, it was estimated to have double the number of people using formal financial services in Kenya (from 30 percent in 2006 to 65 percent in 2014); in 2018, Google Play started accepting payments via M-Pesa for apps bought online in Kenya. M-Pesa is routinely cast as a technological innovation from the postcolonial South that is ushering in a new wave of financial exclusion for the so-called “unbanked.” Over the last decade, leading international organizations such as The World Bank, government agencies such as USAID, industry trade bodies such as GSMA, and private philanthropic foundations such as the Bill and Melinda Gates Foundation and Mastercard Foundation have embraced (and are heavily investing in) mobile money and other electronic and digital financial instruments for the purpose of financial inclusion. The proliferation of mobile money in the global South and its embrace as a quick-fix to financial inclusion raises a number of questions of interest to scholars and policymakers of money and development: How, if at all, do new forms of money impact people’s everyday financial lives? How do these technologies intersect with other financial repertoires as well as other socio-cultural institutions? How do these technologies of financial inclusion shape the global politics and geographies of difference and inequality?
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