A study on the long-run effects of mobile money on economic outcomes in Kenya has recently been published. According to the findings of the study, access to mobile money has reduced poverty in Kenya, most noticeably among female-headed households.
To date, mobile money has lifted an estimated 2% of Kenyan households out of extreme poverty. It has also enabled 185,000 women to move out of subsistence farming and into business or sales occupations.
Improved financial behaviours through easier and safer savings have had an impact on reducing poverty. Mobile money has also helped widen the choice of occupations for the citizens. Furthermore, citizens are now able to receive more remittances, which allows them to better manage their existing finances.
The recent findings also show that, in areas that have experienced large increases in access to mobile money, people were more likely to be working in business or sales rather than in subsistence farming. Additionally, fewer people in these areas reported having secondary occupations.