m pesa case study solution

Driven by purpose: 15 years of M‑Pesa’s evolution

This is an edited transcript of the discussion.

Matt Cooke, McKinsey: From McKinsey’s Banking & Securities Practice, I’m Matt Cooke, and this is Talking Banking Matters —new, short audio content for leaders in banking, securities, and beyond. For this episode, our New York–based senior partner emeritus Vijay D’Silva and Nairobi-based associate partner Carolyne Gathinji spoke with Sitoyo Lopokoiyit, managing director of M‑Pesa Africa and chief financial services officer at Safaricom. Here’s Vijay to tell you more.

Vijay D’Silva, McKinsey: About five years ago, economists from MIT Sloan School and Georgetown University found that the African mobile money service M‑Pesa had not only been quickly adopted by most Kenyans over the previous few years, but one impact was that 2 percent of households were lifted out of poverty as a result. 1 Tavneet Suri and William Jack, “The long-run poverty and gender impacts of mobile money,” Science , December 9, 2016, Volume 354, Issue 6317. At the time, M‑Pesa was one of the best examples of the power of technology to reinvent financial services and increase financial inclusion in emerging markets. By making it easier for Kenyans at every economic level to use their mobile phones to reliably and quickly pay each other, M‑Pesa had also shown how quickly human behavior could change when given a better alternative.

Today, M‑Pesa Africa has become one of the most significant players in a vibrant African fintech ecosystem . M‑Pesa Africa is now in seven countries, and has over 50 million monthly active customers. The company also introduced a consumer super app last year and a business super app for merchants; it has Fuliza for overdrafts; and there’s M‑Pesa Global for remittances. M‑Pesa is now the most used service for remittances into Kenya. 2 Diaspora Remittances Survey, Central Bank of Kenya, December 2021.

We recently spoke with Sitoyo Lopokoiyit, managing director of M‑Pesa Africa and chief financial services officer at Safaricom. Sitoyo has worked in the payments business for over a decade. Prior to taking the helm at M‑Pesa Africa, he led the turnaround strategy to grow M‑Pesa at Vodacom Tanzania, and before that, he led M‑Pesa’s strategy and business development at Safaricom.

Joining us for the conversation was Carolyne Gathinji, a McKinsey associate partner based in Nairobi. To start with, we asked Sitoyo to talk about the path that led him to this point in his career.

Sitoyo Lopokoiyit, M‑Pesa Africa: I’ve been an entrepreneur all my life. When I finished high school, I started a garbage-collecting company that became the largest in Kenya, which I later sold. At university, I was good at playing pool and realized it’s better to be the owner of the pool table, so I bought pool tables and put them in the university when I was there, to earn a bit of money.

After university I was working for a supermarket chain, and I was taken to South Africa, where I realized that everything that’s in a supermarket is technology—the shelf space, the height, the depth, the reorder levels—and I knew nothing about tech. So I resigned and went to Lancaster University to do an MSc in IT and learn how business and IT coexist.

I’ve always done something that’s different from the core. I worked for the oil company Chevron for seven or eight years, but I was in charge of their non-oil business—the tire center, the convenience stores, and so on—across East Africa. That was great.

One of the most profound things that happened to me was going to Tanzania. The late Bob Collymore [then CEO of Safaricom] offered me five roles and told me, “The one you shouldn’t take is Tanzania. It’s minus 8 percent, there’s a new CEO who started two years ago who is joining,” and so on. I told him, “That’s the reason why I want to go there: because you said that it’s the most difficult.” Tanzania really challenged me. It was a difficult market—many players, where the market leader, Vodacom, had 33 percent market share. But we turned the business around. For me, those were three years of really understanding who I am and really challenging myself.

Vijay D’Silva: Much of what M‑Pesa has done needs to be understood in the context of when it was launched in 2007. At the time, it had the twin purpose of supporting Safaricom’s mobile-phone business loyalty while at the same time solving for the lack of money transfer options in Kenya. Since then, it has had a major impact on the Kenyan economy, including helping increase the country’s financial inclusion from only 26 percent in 2006 to 84 percent in 2021. Today, M‑Pesa now processes over a billion transactions each month across its markets.

Sitoyo Lopokoiyit: I find M‑Pesa’s story is best told through a story about a lady called Mama Lenna. This is a lady who took one of our lending products. At the beginning, she had a $10 credit, and she wanted to start a restaurant. And with that $10, she woke up at four in the morning, went to the market, bought some vegetables and some flour, and started cooking breakfast for workers at a construction site. Fast-forward about six or seven months later, her credit was at $50, and she had recruited four other women. Today their combined credit is slightly above $1,000, and the five women now support another 23 dependents.

This story is replicated millions of times every single day. When we lend out $14 million a day, these are the stories that empower the society we operate in, that empower SMEs, that empower micro-SMEs. For us, it’s purpose and people, and we believe the profits follow.

Carolyne Gathinji, McKinsey: M‑Pesa has become almost ubiquitous in some of its current markets. Penetration rates are as high as 90 percent of the GSM network [Global System for Mobile Communications] in countries such as Kenya, up to $2.70 in monthly average revenue per active user, and 18 chargeable monthly transactions per active user. Globally, we have seen super apps with a captive base extend to additional customer services in ecosystem offerings such as e-commerce, ride hailing, delivery services, et cetera. We asked Sitoyo how he sees this evolving, and he described a future that interlocks a network of products into an ecosystem of customer services.

Sitoyo Lopokoiyit: I think M‑Pesa is a tale of two sides. One is our history from the last 15 years, where we’ve been an exciting wheel in the ecosystem, especially because there’s no product called “M‑Pesa.” M‑Pesa is a massive ecosystem with over three million businesses. Customer-to-business payments exceed $8.5 billion on a monthly basis. The velocity of funds is in excess of $315 billion on a yearly basis.

But I think the other side is even more exciting—the next 15 years, with the advent of the smartphone and the tech architecture, in terms of cloud services, microservices, active-active architecture, Always On architecture, cybersecurity advancements. And then more importantly is the youthful population that’s available. Today over 50 percent of the population of the continent of Africa is below the age of 18.

The way the future is shaping up sets us up very well, especially for M‑Pesa, because we are anchored in payments. A lot of fintechs look for an anchor product. We’ve got thousands of anchor products within our ecosystem.

When we launched M‑Pesa, it was about loyalty for GSM. But today, I can count almost ten products that are loyalty for M‑Pesa: the lending, the savings program, the wealth management solutions, international remittances.

Vijay D’Silva: With M‑Pesa’s growing product portfolio, Sitoyo imagines a world in which M‑Pesa becomes a core part of consumers’ lives. This increasingly becomes a distribution game in which the company tries to increase penetration of new services with its existing customers while targeting new segments.

Sitoyo Lopokoiyit: When you look at M‑Pesa, it’s such a broad ecosystem. In most places, over 50 percent of the GDP of the country is flowing [through a digital payments ecosystem]. In Kenya it’s about 70 percent. Imagine if Google had 70 percent of the US GDP flowing through it. What would happen? Our scale is small, we are 51 million [people], but the impact to the government and to the country is systemic. So the responsibility for us is beyond just our organization. It’s really ensuring that it’s safe, secure, and continues to power the society which operates on our system.

The second bit is on the consumer side. It’s well entrenched in terms of payment, but still, when you talk about a target addressable market, M‑Pesa is used by customers only 13 days in a month, even in Kenya. So we’ve got a huge way to go. We do 20-plus transactions per month, on average, per customer. We’ve got to push that up. And then the number of products used is about 4.5. So if we move that 4.5 to 5.0, it generates about $50 million in revenue.

And then for consumers, it’s more that we are moving from financial inclusion to financial health. So when M‑Pesa started, the financial inclusion was 23 percent. Now it’s over 84 percent. But financial health has remained relatively low, at 20 percent. Out of 51 million customers, only about 11 million have access to credit. So there’s a huge amount still unaddressed.

When we look at our savings product—the savings and lending product that we have is more famous for lending, which is M-Shwari, which is a 30-day term loan—if you look at the savings there, because it’s a savings-led credit proposition, we have three times more savings than what we lend. So the bank has never used its balance sheet.

When you look at how much money is sitting on the M‑Pesa ecosystem that has not been intermediated on, you see a huge opportunity for us to disintermediate on that with partners. We’re looking at more of a platform play, whether it’s insurance or wealth management.

Carolyne Gathinji: In emerging markets, the ability to offer credit-based products is critical to developing the market and helping businesses, especially small and medium-size enterprises. Data is critical to offering credit, and one aspect of telco-based payment systems is that telcos have data that can enable a credit system. But actually putting the data to use and monetizing it well can be complicated. Between M‑Pesa’s Fuliza overdraft service and the KCB M‑Pesa microloans products, M‑Pesa disburses the equivalent of more than $4 billion annually. We asked Sitoyo how M‑Pesa leverages data across its products.

Sitoyo Lopokoiyit: I remember when I was building the product in 2012, our first savings and lending product, we used about 500 parameters from GSM and M‑Pesa to create a credit score. We did that credit score on an Excel spreadsheet. We were able to let customers opt in and still get credit within a couple of seconds. But it has evolved significantly since then and become more sophisticated. Today we use roughly 3,500 to 10,000 parameters to do lending. But we’re still scratching the surface.

I think information as collateral is more valuable than somebody providing a fixed asset to lend. The intention for us, for the consumer side, is short-term lending, in 30 to 60 days, and then overdraft. From the business side, that’s even more exciting, because we’ll actually be looking at working capital with more term loans that are more suited to different industries. So we are busy building the scorecards that enable that to happen.

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Vijay D’Silva: Setting up a fintech today is a very different process than what it was 15 years ago, when M‑Pesa was launched. The technology has evolved, and so have operating models within technology organizations. An added complexity for M‑Pesa is being embedded within a telco where technology may not be the main point of differentiation. Sitoyo explained how M‑Pesa has evolved its tech stack and adapted its organization over the years.

Sitoyo Lopokoiyit: When we started mobile money, there was no tech available for it. We had to push Huawei to do our platform in 2015, which was great. But in 2015, the architecture that can go globally wasn’t there as readily for some of our products and services, including high-transaction processing capacity in real time. Even Alipay processes transactions by notification, and the back end happens a few seconds later. M‑Pesa is real time.

So the technology architecture is something we’re really looking at. We need to have a standardized platform that is 90 percent common across all our markets. The configuration needs to be common, because today we have a common platform, but the configuration is different in each market. So if I build the app in Kenya, it takes me another three, four months to reconfigure it in Tanzania.

Solving that is the role M‑Pesa Africa is playing. The mission is to build standardized digital platforms, so we are working hard to ensure that we have a common platform. We will test in Kenya first and then deploy enterprise-wide immediately so that there’s no gap in products and services between Kenya and, let’s say, Lesotho.

Vijay D’Silva: One of the big topics today is attracting talent. M‑Pesa has had to compete with global players for engineers and other talent. Over the last few months, we have seen announcements in Kenya by Google on setting up its first African product development center, Visa launching its first African innovation hub, Amazon setting up an AWS Cloud Zone, and Microsoft launching its African Development Center. The war for talent, at least in the short term, seems pretty intense.

Sitoyo Lopokoiyit: For us, without the people and our staff, this all doesn’t work. With M‑Pesa Africa, we are lucky, as we were starting almost from a clean slate. So we are operating on a SAFe agile methodology with the release trains, the flat structure, and so on. And even the executive committee members are in-depth into supporting the teams, and their role has changed in terms of that.

This industry is very difficult. To attract and retain staff is very difficult. The Big Tech companies are coming in, offering my team three or four times the salary that I’m paying.

I look a lot at how I motivate my staff. With M‑Pesa Africa, they have the freedom to grow in their career, to do big things. You can be an engineer in M‑Pesa, and you’re running the whole of Fuliza, the lending platform for all markets. I think the freedoms that they have on a small team are huge.

We have about 130 people in M‑Pesa Africa and maybe another 100 contractors. That’s the size of the team that’s delivering all of this. It’s important that we motivate them differently.

Carolyne Gathinji: Over the years, M‑Pesa has tried to take this model and apply it to different markets. At the end of this year, M‑Pesa will be in eight African markets that cover more than 450 million of Africa’s population of 1.2 billion people. Within these markets, impact and penetration have varied. For instance, M‑Pesa has 7 percent penetration of the GSM base in Egypt and 40 percent in Ghana, versus 90 percent in Kenya. They entered and then had to retreat from some markets, such as South Africa. We asked Sitoyo about the lessons learned from these international expansion experiences.

Sitoyo Lopokoiyit: I think one of the lessons learned was that we wanted it to work exactly the way Kenya worked. We wanted to create a wallet; we wanted to create an agent network; we wanted to create a whole infrastructure. That, to me, was one of the biggest lessons learned: work with whatever wallet you have within the space that you’re in.

And let me just step back. M‑Pesa is quite successful, but we’ve been operating in a silo. Kenya does its own thing. Tanzania does its own thing. Mozambique, Democratic Republic of Congo, Lesotho, Ghana, Egypt—we’ve got the same platform but configured differently. Technically, we are in this market but operate individually, and that has been the Achilles’ heel of M‑Pesa. That’s why M‑Pesa Africa was formed—to bring all this together.

But in terms of success, one of the key things is a deep commitment by the management to see it work. Purpose and people first; profits will follow.

In South Africa, we’ve launched differently—not as another M‑Pesa, but as VodaPay with the Alipay platform. And we’re looking at it more as a super app connecting a bank account to your bank card to the app. The initial numbers are quite promising, so you will be seeing that and more now.

With regard to the new countries, since M‑Pesa Africa was formed, we have probably ten or 15 countries in Africa that want it. What caught us by surprise is South America; we’re seeing a lot of interest on that side.

A lot of markets, especially mobile money, they want to make instant profits in a year’s or two years’ time. The intention is to make an impact on society, and then eventually the money will flow.

Vijay D’Silva: Small and medium-size enterprises contribute significantly to African economies. For instance, in Kenya, they make up 90 percent of the private enterprises and 93 percent of the labor force. 3 “The value of (in)formality: A case study of MSEs in the Nairobi CBD,” FSD Kenya, March 17, 2021. M‑Pesa has grown steadily and now has more than 500,000 agents and more than 300,000 unique merchants, but it has much greater ambitions across the continent. Sitoyo said he sees widening access to financial services as critical to unleashing the opportunity for SMEs.

Sitoyo Lopokoiyit: As I said, we’re a two-sided network: we serve business, and we serve consumers. I think the more exciting part of it is the business side, whether the target enterprise is the SME or the micro-SMEs. It’s in that sector in Africa especially—in the SME and the micro-SME—where a lot of new products and services that we have are needed, whenever we can launch it.

When it comes to SMEs, it’s the first time an SME has a proper overview of their business at a glance in Africa. I can be in South Africa today and have four restaurants in Nairobi. I can see everything that’s happening. I can make payments, I can sell air time, I can pay my workers, I can do everything that a consumer can do in it.

I believe that for every dollar that we charge them in payment-processing fees, a business should be able to make an extra $5 in revenue. That’s why we add value-added services—accounting packages, inventory services, and lending services—and leverage and leverage the Alipay technology that we’ve put into the business app to make it a true super app for businesses.

Vijay D’Silva: The African fintech sector has been heating up, and time will tell to what degree Africa will be affected by this year’s drop in global fintech valuations. But over the last year, we have seen three unicorns emerge, with accelerated and multiple investment rounds. While the revenues of these fintechs are not completely known, M‑Pesa, with over $1 billion in annual revenues and sustained annual growth of more than 15 percent, contributes significantly to continent-wide fintech revenues. Sitoyo has worked in fintech longer than most, and we asked him about his views on the increased activity and valuations.

Sitoyo Lopokoiyit: It’s great to see entrepreneurs and the fintech community starting to get some of the valuations that I think they deserve. I would like to see every year Africa produces five to ten unicorns—hopefully get a “decacorn” from the fintech.

For me, what’s underlying the business will be key in the future. I think COVID gave a really big boost to digital services, and the valuations rose significantly, but for me, the underlying business is what really matters. How are they performing? And are they generating enough cash flow that it can be profitable?

Most of them, when you look at them, they’re still not there yet. I think the promise of a huge target addressable market was driving that, but the underlying business may have some challenges. That’s my personal view, and that’s why I say with M‑Pesa, it’s the other way around. We’ve got a great underlying business, yet we are not valued the way we should be valued. Or even Safaricom: the share price is it not where it should be. So we’re on the reverse side of the coin.

Where I struggle is getting M‑Pesa looked at as a fintech that has demonstrated value over 15 years, but also that we are growing 20 percent year on year. How do you take M‑Pesa, position it globally, and get the visibility that I think it deserves? I think M‑Pesa gets lost in its history, rather than its future.

Vijay D’Silva: Sustaining a company’s growth for over a decade takes innovation and reinvention, at the root of which is tracking a changing market which will continue to grow. Africa is by far the youngest continent, in terms of population.

Smartphone penetration will continue to increase, and mobile data usage in sub-Saharan Africa alone is expected to quadruple in the next four years. 4 The mobile economy 2022 , GSMA, 2022. Over the long term, the future looks great, with many players and a lot of opportunity, but it’s never a straight line. It will be interesting to watch how the landscape evolves as more players enter and battle for the same space.

Matt Cooke: It’s Matt Cooke here again. On behalf of McKinsey’s Banking & Securities Practice, thanks for listening to Talking Banking Matters today. We’ve got a series of conversations planned, so we look forward to you retaking your front-row seat to listen in on more industry leaders from the world of fintech, banking, and digital talk about their work shaping the future of this industry. For now, wherever you are today, thanks again for listening.

Comments and opinions expressed by interviewees are their own and do not represent or reflect the opinions, policies, or positions of McKinsey & Company or have its endorsement.

Sitoyo Lopokoiyit is managing director of M-Pesa Africa and CFO of Safaricom. Carolyne Gathinji is an associate partner in McKinsey’s Nairobi office, and Vijay D’Silva is a senior partner emeritus of the New York office.

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Strategic Marketing Cases in Emerging Markets pp 117–128 Cite as

Case Study 9: M-Pesa: A Renowned Disruptive Innovation from Kenya

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This case study describes the developments and success of M-Pesa. M-Pesa is the first banking app for mobile phones to be produced in the developing world. It was designed by Safaricom Limited Company in Kenya. The product has received global attention due to its uniqueness, innovativeness, rapid adoption, and the impact it has made to a large population, mostly people who are poor (bottom of pyramid). M-Pesa has many uses, including: transfer of money from person to person, buying airtime, paying utility bills and keeping the money in the M-Pesa account for future use. The product connected a population which was hitherto disconnected from accessing financial services. M-Pesa has contributed significantly to financial profits for the company as well as to societal value in the country. As an early mover in mobile banking in Kenya, Safaricom partnered with other businesses thereby broadening its agent network before competitors came into the scene. M-Pesa is a disruptive innovation. It created a new market and value network, disrupting the existing ones and becoming a major competitor against the established market leaders and alliances in the financial services sector in Kenya.

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Ngugi, I.K., Komo, L.W. (2017). Case Study 9: M-Pesa: A Renowned Disruptive Innovation from Kenya. In: Adhikari, A., Roy, S. (eds) Strategic Marketing Cases in Emerging Markets. Springer, Cham. https://doi.org/10.1007/978-3-319-51545-8_9

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Mobile currency in Kenya: the M-Pesa

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The initiative

The challenge

The public impact

• Stakeholder engagement Good
• Political commitment Good
• Public confidence Fair
• Clarity of objectives Strong
• Strength of evidence Strong
• Feasibility Strong
• Management Good
• Measurement Fair
• Alignment Good

Bibliography

M-Pesa is a mobile money service that was officially launched in March 2007 by Safaricom, the leading mobile phone operator in Kenya. (Safaricom is part of the UK's Vodafone Group, which owns 40 percent of the company.) M-Pesa was initially developed by Vodafone, and the six-month pilot phase of the project was partly funded by the UK's Department for International Development (DFID).

M-Pesa is an SMS-based system that enables users to deposit, send and withdraw funds using their mobile phone. Customers do not need to have a bank account and can transact at any of the country's 40,000 agent outlets. Registration and deposits are free and pricing for most other transactions is based on a tiered structure to allow even the lowest-income users to use the system. Transaction values are typically small, ranging from US$5 to US$30.

M-Pesa “grew at a blistering pace following its inception in 2007.” [1]  In less than two years from its launch, M-Pesa had become the leading money transfer method in the country, with over 50 percent of people sending money via M-Pesa and over 65 percent receiving funds through the system in 2009. By 2015 there were 19.9 million active M-Pesa users, up 18 percent from 2013/14. It is said that 43 percent of Kenya's GDP flowed through M-Pesa, with over 237 million person-to-person transactions.

There has been explosive growth in the number of M-Pesa agents. From a base of approximately 450 in mid-2007 when the service was introduced, numbers grew to over 18,000 locations by April 2010 and to 40,000 in April 2016.

Stakeholder engagement

Political commitment

The Kenyan government owns 35% of Safaricom and this in assisted Safaricom and Vodafone in establishing a strong relationship with the Central Bank, which was integral in getting the M-Pesa deposits insured, as well as the regulatory approval. The Central Bank insures M-Pesa deposits in the banking system under its Deposit Protection Fund.

The government was actively committed to M-Pesa and the Central Bank's post-audit endorsement of M-Pesa was also a measure of political support.

Public confidence

Clarity of objectives

M-Pesa's goals were clearly defined and measurable and have been maintained since its launch:

• To achieve a target of 200,000-300,000 users in Kenya.
• To attain monthly target income of a minimum of KES 40,000 (which means aim of achieving approximately 2,667 transactions monthly or 90 transactions daily).

Strength of evidence

Feasibility

The 2005 clearly established technical feasibility, but there were outstanding HR and legal concerns:

• There was a need for agent training and management.
• One of the key challenges facing Vodafone/Safaricom at this stage was that of financial regulation - as M-Pesa was not a banking service it was outwith financial regulations in Kenya. There were particular concerns in the banking sector that it could be used as for money laundering channel.

However, these regulatory issues were addressed through negotiations with the Central Bank and were seen to be outweighed by the positive user reaction.

The project has an efficient team from different backgrounds, and there is an established hierarchical network of agents within the team. M-Pesa has a clear structure with defined roles and responsibilities, including a training mechanism to ensure competence.

Safaricom had developed a local team to manage M-PESA operations. The team consists of over 20 individuals from a range of relevant backgrounds. The company hired an external agency to manage the agent network, and regularly relies on over 50 staff to train and visit agents. There is a department dedicated to providing training materials sessions.

M-Pesa retail agents are responsible for registering new customers and facilitating cash deposits and withdrawals. Retail agents often play a key role in customer support as they are able to quickly and easily contact M-PESA Customer Care.

There are master agents, ‘airtime wholesalers', who purchase airtime directly from the operator and manage the retail agents. Master agents create accounts in banks that are located near their retail agents, and the retail agents usually visit the nearest bank branch daily to either deposit or withdraw cash from their account.

There is a Safaricom sales team which manages the master agents and reconciles payments for airtime pickup. Bank branches manage cash and M-Pesa float balances for a group of retail agents but do not have a customer-facing role. However, customers can transfer funds between their bank M-Pesa accounts, usually through ATMs.

Measurement

M-Pesa has been well aligned with the requirements of the Kenyan central government and central bank as well as the UK government through DFID.

Safaricom established a useful network to launch the M-Pesa initiative in Kenya. The company received technological and funding support in carrying out the pilot and establishing their services. There was strong coordination between all the agents involved in the network. However, there were some problems within the alignment of the customers and the agencies, which were eventually resolved.

Banking partners are the foundation of the M-Pesa service, and Safaricom has secured alliances with all the countries' major banks, and has an agreement with Western Union for international money transfers.

Mobile Banking: The Impact of M-Pesa in Kenya, Isaac Mbiti, Southern Methodist University and David N. Weil, Brown University and NBER, June 2014

M-Pesa: The Safaricom Story CASE STUDY, Proudly Made in Africa

Vodafone: ‘Financial Services for the Unbanked'

M-Money Channel Distribution Case - Kenya SAFARICOM M-PESA, International Finance Corporation

Safaricom and PesaPoint launch ATM to MPESA transfer service, Paynet Newsroom

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Financial Inclusion Through Payment Innovation: A Case Study of M-Pesa

The transformative power of financial technology and payment innovation has opened up great pathways to financial inclusion , changing how people manage and access their money.

A notable case that has illuminated the path to greater financial inclusion is M-Pesa, the mobile-based financial service that enables users to carry out important financial operations with just their mobile phones.

M-Pesa has shown the transformative potential of a great payment innovation in driving development, reducing poverty, and creating more inclusive financial systems. This article discusses how mobile money and similar payment innovations can promote financial inclusion, taking M-Pesa as a case study.

What is M-Pesa?

M-Pesa is a mobile-based financial service that allows users to store and transfer money through their mobile phones without the need for a formal bank account. It was launched in 2007 by Safaricom, a leading mobile network operator in Kenya.

The success of M-Pesa since its launch has been tremendous, as it has become one of the most successful mobile money transfer services in the world. M-Pesa has over 56.7 million subscribers and is available in seven countries: Kenya, Tanzania, Egypt, Mozambique, DR Congo, Lesotho, and Ghana.

How Does M-Pesa Work?

M-Pesa has a simple model; it doesn’t complicate things. To use M-Pesa, a user must register an account with Safaricom and fund it by purchasing credits from a retail outlet or an authorized reseller. M-Pesa requires users to enter their personal identification number (PIN) to transfer money to another. To withdraw cash, they can visit a retail outlet or an M-Pesa authorized reseller to make transfers and receive cash.

M-Pesa is a robust payment system, as it enables users to carry out various financial services, from bill payments to transfers, receiving money, paying for purchased goods and services, cash withdrawals, savings, and accessing loans.

How M-Pesa Promotes Financial Inclusion through Payment Innovation

M-Pesa has significantly promoted financial inclusion in Africa, where many people are unbanked or underbanked. Here are the different ways it is promoting financial inclusion through its payment innovation system:

Accessibility

According to a Pew Research report , 80% of Kenyan adults owned a phone in 2017, with 30% owning a smartphone and 50% owning a basic phone.

M-Pesa leverages this high mobile penetration rate in Kenya to allow those without bank accounts to make financial transactions. People don’t need a bank account to save, send and receive money, make bill payments, or even access loans, as they can do all that with their mobile phones.

A Statista report shows that 83.7% of people in Kenya had access to formal financial services (through bank accounts and mobile money) in 2021. This is a massive leap from only 26.7% in 2006, proving the accessibility mobile money has given Kenyans.

Convenience

M-Pesa simplifies financial transactions, making it easy for people to send money, pay bills, buy goods and services, and even access savings and credit features directly from their phones.

People in remote, underserved communities usually stay far from formal financial institutions and would require a lot of time and resources to go there. This is why the convenience M-Pesa brings is valuable to them, as it makes banking and other financial services accessible.

Reduced Costs

Reduction in the cost of transactions is one of the perks of mobile money that made M-Pesa achieve the level of success it did in Kenya. M-Pesa transactions are often more affordable than traditional banking services, making the platform a cost-effective way for individuals and businesses to manage their money and conduct financial transactions.

Cash is too risky to carry around, especially in remote areas without a strong security network. This is one of the key reasons why those in rural communities are scared to travel to nearby banks to open or operate a bank account.

M-Pesa brought a solution to this by giving people accessibility and letting them save or transfer money from their mobile phones without visiting a bank. To enhance security, M-Pesa incorporates various features into its mobile money system to enable people to keep their money safe. Some of these features are transaction PINs and instant notifications, which work to protect the user’s funds and data.

The security measures from M-Pesa helped build trust in the system, encouraging more people to open an account and ultimately join the formal financial system.

Trust and Network Effects

The trust and network M-Pesa gained after its launch sustained it and facilitated massive adoption in Kenya. Currently, M-Pesa has over 30 million subscribers in Kenya, making it the largest mobile money network in the country and Africa.

As the system gained popularity and more users joined the network, it created network effects, making it more valuable for individuals and businesses.

The trust M-Pesa established encouraged adoption in the country, leading to its wide acceptance in other countries. It even led other network providers into the business, as Airtel, MTN, Orange, and many more went into mobile money operations.

Partnerships

M-Pesa partnered with various businesses and financial institutions to facilitate the adoption of the system and the absolute eradication of financial exclusion in the country. Since its launch in 2007, the financial exclusion rate in Kenya has continually decreased to 11% in 2021 , making Kenya one of Africa’s most financially inclusive countries.

To bring more people into the formal financial system, M-Pesa’s partnerships with banks, other financial institutions, and businesses allowed users to transfer money between their wallets and bank accounts in real-time. For international transactions, M-Pesa partnered with PayPal to enable its users to transfer money to PayPal account users and vice versa.

M-Pesa showcases the transformative effects of efficient payment innovation in bringing financially excluded people into the formal financial system. The system has revolutionized financial services in Kenya and has served as a model for addressing financial exclusion in many countries worldwide.

The effects of payment innovation in most African countries, especially on the individuals and businesses that leverage it for day-to-day transactions, are overwhelming. Over 2% of Kenyans have been brought out of poverty due to this revolutionary financial services system, and more will follow suit, both in Kenya and other parts of the world, where many were financially excluded. See More!

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M-Pesa: Financial Inclusion in Kenya

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M-Pesa Versus UPI – The Quest For Financial Inclusion in Kenya Harvard Case Solution & Analysis

Home >> Harvard Case Study Analysis Solutions >> M-Pesa Versus UPI – The Quest For Financial Inclusion in Kenya

M-Pesa Versus UPI - The Quest For Financial Inclusion in Kenya Case Study Solution

When it comes to achieving financial inclusion, there are a variety of factors to consider. One of these is whether you will be using an M-Pesa or UPI to make payments. Both of these services have their advantages and disadvantages, but you should know which is right for you. You should also have a clear picture of the financial implications before making any decision.

Case Study Solution

There has been an increase in the number of micro-accounts and mobile wallets in Kenya. This growth has occurred due to market dynamics. As such, it is not possible to track the exact date when the first mobile wallets were created. However, it seems that the growth began in 2007. In 2009, micro-accounts reached 8 million. The number increased to 15 million in 2010 and over 20 million in 2012.

M-Pesa is a technological platform that has allowed Kenyan banks to grow. It has also provided the financial system with a mechanism to manage small value accounts, and offered technology for irregular flows. These systems have helped Kenyan banks to expand their offerings, and supported the development of virtual credit supply and banking services.

M-Pesa has evolved from a mobile money service to an ecosystem. It now has a super app that allows users to do travel, health, and agriculture transactions. Additionally, its lending and payments capabilities are expanding, and its customer base has grown. With over 10 million monthly active users, the super app has already begun to integrate mini apps into e-commerce.

While telecoms do not face the same regulatory barriers that banks do when developing new business models, they have developed their own trust and credibility, and can be more easily trusted by consumers. Telecoms are also able to assess the credit worthiness of customers and extend small-scale loans.

Porters Five Forces

The most successful digital payment systems are often ones with dissimilar corporate structures, agent networks and operating models. One such system is M-Pesa, a mobile phone-based financial service launched by Kenyan mobile network operator (MNO) Safaricom. This low-cost transaction platform is designed to attract financially excluded customers.

As an analyst at the World Bank, Abebi Eke was asked to compare two of the more promising payment systems. Specifically, he was asked to determine which was better. What he found was that while both systems have their merits, the UPI (Unified Payments Interface) is the more practical, and more useful, of the two.

For one, the UPI is designed to improve interoperability between bank accounts. It also helps reduce the costs associated with currency printing and lowers transaction costs within the economy. On the other hand, the M-Pesa system is based on a standardized, low-cost transaction platform and leverages mobile technology. These features allow it to serve as an important stepping stone to a formal financial system. However, it is also plagued by numerous shortcomings including the need for money to be transferred from a bank account and predatory lending.

Although it is not a panacea, it is a promising way to include the unbanked population in the formal financial net. A new business model is needed to cater to this segment of the market. Another notable factor is the fact that the telecommunications industry in Niali has a strong trust advantage over the banking sector. In addition, telecoms have already built trust with consumers through prepaid phone services. They also have a plethora of data on their customer's phone usage. Moreover, they have the flexibility to offer financial products.

PESTLE Analysis

The PESTEL (Pestle to Eke) acronym stands for political, economic, social, and technological factors. A PESTLE analysis is a great way to make sense of all of the above and to see how they affect one another.

In a nutshell, the M-Pesa is a mobile phone-based financial service aimed at the unbanked and underserved. Its most notable feature is the use of National ID (Niali) information for opening new accounts. Also a plus is the fact that the service operates in both urban and rural areas. As an example, it has a presence in Malwi, a small country in the Great Lakes region of Kenya.

M-Pesa was lauded for its ability to deliver micro-loans to its customers . It was also the only mobile financial service to offer a branded version of the ubiquitous credit card. One of its most prominent competitors is Safaricom, which has a monopoly on the payments market courtesy of its dominant infrastructure.

The M-Pesa is a well-executed model, but it is not without its flaws. In addition to poor customer service and lack of transparency, M-Pesa has not been properly regulated by the Kenyan authorities. Nonetheless, it has won the hearts of millions of unbanked Kenyans who have saved with it. And it is still the most popular financial services brand in the country. Despite these challenges, the M-Pesa is worth the wait.

Financial Analysis

M-Pesa has certainly made waves in the financial world. The aforementioned'super app' was launched in 2021 and boasts over a million monthly active users. And as far as the numbers go, M-Pesa is one of the few providers charging for P2P payments. Similarly, it has been estimated that its largest customer, Safaricom, is responsible for nearly half of the country's credit card transactions.

M-Pesa has also helped spawn a host of fintech startups. One such company, Wave, is aimed at Francophone West Africa. It recently received a regional e-money license. Another fintech pioneer, OVO, purchased a P2P lending license in the hope of outdoing its rivals.

M-Pesa's most impressive feats include the fact that it has a network of over 3500 agents in more than 60 cities. This has allowed the company to expand its reach and offer a suite of products. From mobile banking to micro savings accounts, the company has reimagined the traditional customer experience. Interestingly, the company has also been able to woo commercial banks to the fold by offering the ability to open and maintain micro accounts. Moreover, it's mobile money services have been augmented with an array of ancillary services such as insurance, investment, and remittances.

Overall, M-Pesa has certainly helped transform the Kenyan banking industry. As a result, many banks have invested heavily in the M-Pesa platform. These investments have been rewarded with a slew of innovative and useful financial products, such as mobile airtime, savings, credit and loan products, and digital payments solutions.

Recommendations

The UN has highlighted financial inclusion as a key determinant of economic growth, and a key enabler of the Sustainable Development Goals. As such, governments are developing national strategies to address the growing unbanked population and increase financial inclusion. Financial inclusion is a structural opportunity for businesses and investors alike. It supports better economic outcomes, including increased economic growth and gender equality. Increasing financial inclusion will reduce poverty and contribute to greater shared global economic prosperity.

Emerging countries, particularly in Africa, Asia, and Latin America, have a larger unbanked population. Most of the unbanked population in these regions lives on a modest income. Traditional banking systems often do not serve the needs of small and medium-sized enterprises, or SME. This presents a large market for fintech disrupters. SMEs represent up to 40% of GDP in emerging markets.

A new payment infrastructure is needed to meet the needs of the unbanked. The Unified Payment Interface (UPI) could be a suitable option. While UPI is a relatively recent development, it has already reached 260 million users.

As well, it has built a network of 300 registered banks. This includes several banks that are operating as micro-finance institutions, allowing them to extend loans to SMEs. Unlike traditional banking, however, UPI allows money transfers between bank accounts without a transaction fee. Eventually, UPI will gradually encourage cashless payments.

M-Pesa, meanwhile, has transformed the Kenyan banking system. In addition to offering mobile money services, the system has also developed into an ecosystem, providing technology for managing irregular flows and generating credit scores.

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Case study: Central Bank of Kenya’s treatment of M-Pesa

AFI case studies are developed specifically for policymakers. The cases capture the actual experiences and challenges faced by leading policymakers from developing countries as they innovate and implement new or reformational policy solutions in their country.

Enabling mobile money transfer: the treatment of M-Pesa focuses on the work of AFI Policy Champion Gerald Nyaoma and his team at the Central Bank of Kenya with regards to the M-Pesa mobile money transfer service. It covers the period of development of the M-Pesa product from concept inception in 2005 to December 2008.

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Jehinda's story

Jedhinda is a businessman who also drives a taxi for the Foundation’s Ambulance Taxi service and feels M-Pesa has brought him closer to his community.

Vodafone’s M-Pesa service (literally ‘mobile money’), the world’s most successful money transfer service, is present in 7 countries and serves more than 37 million active users.

Known as ‘Vodafone Cash’ in Ghana and Egypt, M-Pesa’s mobile payment system was originally pioneered by Vodafone in collaboration with Safaricom, Vodafone’s affiliate in Kenya.

When I take a patient to hospital, I get paid via M-Pesa.

Read more stories

M-Pesa: An Evolution in Organisational Strategy

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Title:  M-Pesa: An Evolution in Organisational Strategy Author:  Mariam Cassim and Linda Ronnie

Change management, Leadership, Organisational development and People Management:

This case study is intended to be used by postgraduate business students who wish to understand how organisations can equip themselves to operate successfully in turbulent, rapidly evolving market conditions. The case highlights the role that an emergent approach to change plays in an organization, explores the concept of an adaptive culture and the impact that this can have on an organisation sustaining itself in the long term; and recognises the important role of leadership in introducing and implementing a change in organisational strategy to remain competitive and relevant.

This case study emphasises how important it is for organisations operating in today’s turbulent and rapidly changing business environment to have an emergent approach to change. It focuses on the dilemmas faced by both Shameel Joosub, the newly appointed Chief Executive Officer of Vodacom South Africa, as well as Hemmanth Singh, the newly appointed Managing Executive responsible for Mobile Commerce at Vodacom South Africa… It highlights the importance of an adaptive culture in an organisation and the positive contribution that this form of culture makes to sustain an emergent approach to change in the long term.

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M-PESA and Nick Hughes Case Study Solution

Posted by John Berg on Feb-16-2018

Introduction

M-PESA and Nick Hughes Case Study is included in the Harvard Business Review Case Study. Therefore, it is necessary to touch HBR fundamentals before starting the M-PESA and Nick Hughes case analysis. HBR will help you assess which piece of information is relevant. Harvard Business review will also help you solve your case. Thus, HBR fundamentals assist in easily comprehending the case study description and brainstorming the M-PESA and Nick Hughes case analysis. Also, a major benefit of HBR is that it widens your approach. HBR also brings new ideas into the picture which would help you in your M-PESA and Nick Hughes case analysis.

To write an effective Harvard Business Case Solution, a deep M-PESA and Nick Hughes case analysis is essential. A proper analysis requires deep investigative reading. You should have a strong grasp of the concepts discussed and be able to identify the central problem in the given HBR case study. It is very important to read the HBR case study thoroughly as at times identifying the key problem becomes challenging. Thus by underlining every single detail which you think relevant, you will be quickly able to solve the HBR case study as is addressed in Harvard Business Case Solution.

Problem Identification

The first step in solving the HBR Case Study is to identify the problem. A problem can be regarded as a difference between the actual situation and the desired situation. This means that to identify a problem, you must know where it is intended to be. To do a M-PESA and Nick Hughes case study analysis and a financial analysis, you need to have a clear understanding of where the problem currently is about the perceived problem.

For effective and efficient problem identification,

• A multi-source and multi-method approach should be adopted.
• The problem identified should be thoroughly reviewed and evaluated before continuing with the case study solution.
• The problem should be backed by sufficient evidence to make sure a wrong problem isn't being worked upon.

Problem identification, if done well, will form a strong foundation for your M-PESA and Nick Hughes Case Study. Effective problem identification is clear, objective, and specific. An ambiguous problem will result in vague solutions being discovered. It is also well-informed and timely. It should be noted that the right amount of time should be spent on this part. Spending too much time will leave lesser time for the rest of the process.

M-PESA and Nick Hughes Case Analysis

Once you have completed the first step which was problem identification, you move on to developing a case study answers. This is the second step which will include evaluation and analysis of the given company. For this step, tools like SWOT analysis, Porter's five forces analysis for M-PESA and Nick Hughes, etc. can be used. Porter’s five forces analysis for M-PESA and Nick Hughes analyses a company’s substitutes, buyer and supplier power, rivalry, etc.

To do an effective HBR case study analysis, you need to explore the following areas:

1. Company history:

The M-PESA and Nick Hughes case study consists of the history of the company given at the start. Reading it thoroughly will provide you with an understanding of the company's aims and objectives. You will keep these in mind as any Harvard Business Case Solutions you provide will need to be aligned with these.

2. Company growth trends:

This will help you obtain an understanding of the company's current stage in the business cycle and will give you an idea of what the scope of the solution should be.

3. Company culture:

Work culture in a company tells a lot about the workforce itself. You can understand this by going through the instances involving employees that the HBR case study provides. This will be helpful in understanding if the proposed case study solution will be accepted by the workforce and whether it will consist of the prevailing culture in the company.

M-PESA and Nick Hughes Financial Analysis

The third step of solving the M-PESA and Nick Hughes Case Study is M-PESA and Nick Hughes Financial Analysis. You can go about it in a similar way as is done for a finance and accounting case study. For solving any M-PESA and Nick Hughes case, Financial Analysis is of extreme importance. You should place extra focus on conducting M-PESA and Nick Hughes financial analysis as it is an integral part of the M-PESA and Nick Hughes Case Study Solution. It will help you evaluate the position of M-PESA and Nick Hughes regarding stability, profitability and liquidity accurately. On the basis of this, you will be able to recommend an appropriate plan of action. To conduct a M-PESA and Nick Hughes financial analysis in excel,

• Past year financial statements need to be extracted.
• Liquidity and profitability ratios to be calculated from the current financial statements.
• Ratios are compared with the past year M-PESA and Nick Hughes calculations
• Company’s financial position is evaluated.

Another way how you can do the M-PESA and Nick Hughes financial analysis is through financial modelling. Financial Analysis through financial modelling is done by:

• Using the current financial statement to produce forecasted financial statements.
• A set of assumptions are made to grow revenue and expenses.
• Value of the company is derived.

Financial Analysis is critical in many aspects:

• Decision Making and Strategy Devising to achieve targeted goals- to determine the future course of action.
• Getting credit from suppliers depending on the leverage position- creditors will be confident to supply on credit if less company debt.
• Influence on Investment Decisions- buying and selling of stock by investors.

Thus, it is a snapshot of the company and helps analysts assess whether the company's performance has improved or deteriorated. It also gives an insight about its expected performance in future- whether it will be going concern or not. M-PESA and Nick Hughes Financial analysis can, therefore, give you a broader image of the company.

M-PESA and Nick Hughes NPV

M-PESA and Nick Hughes's calculations of ratios only are not sufficient to gauge the company performance for investment decisions. Instead, investment appraisal methods should also be considered. M-PESA and Nick Hughes NPV calculation is a very important one as NPV helps determine whether the investment will lead to a positive value or a negative value. It is the best tool for decision making.

There are many benefits of using NPV:

• It takes into account the future value of money, thereby giving reliable results.
• It considers the cost of capital in its calculations.
• It gives the return in dollar terms simplifying decision making.

The formula that you will use to calculate M-PESA and Nick Hughes NPV will be as follows:

Present Value of Future Cash Flows minus Initial Investment

Present Value of Future cash flows will be calculated as follows:

PV of CF= CF1/(1+r)^1 + CF2/(1+r)^2 + CF3/(1+r)^3 + …CFn/(1+r)^n

where CF = cash flows r = cost of capital n = total number of years.

Cash flows can be uniform or multiple. You can discount them by M-PESA and Nick Hughes WACC as the discount rate to arrive at the present value figure. You can then use the resulting figure to make your investment decision. The decision criteria would be as follows:

• If Present Value of Cash Flows is greater than Initial Investment, you can accept the project.
• If Present Value of Cash Flows is less than Initial Investment, you can reject the project.

Thus, calculation of M-PESA and Nick Hughes NPV will give you an insight into the value generated if you invest in M-PESA and Nick Hughes. It is a very reliable tool to assess the feasibility of an investment as it helps determine whether the cash flows generated will help yield a positive return or not.

However, it would be better if you take various aspects under consideration. Thus, apart from M-PESA and Nick Hughes’s NPV, you should also consider other capital budgeting techniques like M-PESA and Nick Hughes’s IRR to evaluate and fine-tune your investment decisions.

M-PESA and Nick Hughes DCF

Once you are done with calculating the M-PESA and Nick Hughes NPV for your finance and accounting case study, you can proceed to the next step, which involves calculating the M-PESA and Nick Hughes DCF. Discounted cash flow (DCF) is a M-PESA and Nick Hughes valuation method used to estimate the value of an investment based on its future cash flows. For a better presentation of your finance case solution, it is recommended to use M-PESA and Nick Hughes excel for the DCF analysis.

To calculate the M-PESA and Nick Hughes DCF analysis, the following steps are required:

• Calculate the expected future cash inflows and outflows.
• Set-off inflows and outflows to obtain the net cash flows.
• Find the present value of expected future net cash flows using a discount rate, which is usually the weighted-average cost of capital (WACC).
• If the value calculated through M-PESA and Nick Hughes DCF is higher than the current cost of the investment, the opportunity should be considered
• If the current cost of the investment is higher than the value calculated through DCF, the opportunity should be rejected

M-PESA and Nick Hughes DCF can also be calculated using the following formula:

DCF= CF1/(1+r)^1 + CF2/(1+r)^2 + CF3/(1+r)^3 + …CFn/(1+r)^n

In the formula:

• CF= Cash flows
• R= discount rate (WACC)

M-PESA and Nick Hughes WACC

When making different M-PESA and Nick Hughes's calculations, M-PESA and Nick Hughes WACC calculation is of great significance. WACC calculation is done by the capital composition of the company. The formula will be as follows:

Weighted Average Cost of Capital = % of Debt * Cost of Debt * (1- tax rate) + % of equity * Cost of Equity

You can compute the debt and equity percentage from the balance sheet figures. For the cost of equity, you can use the CAPM model. Cost of debt is usually given. However, if it isn't mentioned, you can calculate it through market weighted average debt. M-PESA and Nick Hughes’s WACC will indicate the rate the company should earn to pay its capital suppliers. M-PESA and Nick Hughes WACC can be analysed in two ways:

• From the company's perspective, it can be analysed as the cost to be paid to the capital providers also known as Cost of Capital
• From an investor' perspective, if the expected return on the investment exceeds M-PESA and Nick Hughes WACC, the investor will go ahead with the investment as a positive value would be generated.

M-PESA and Nick Hughes IRR

After calculating the M-PESA and Nick Hughes WACC, it is necessary to calculate the M-PESA and Nick Hughes IRR as well, as WACC alone does not say much about the company’s overall situation. M-PESA and Nick Hughes IRR will add meaning to the finance solution that you are working on. The internal rate of return is a tool used in investment appraisal to calculate the profitability of prospective investments. IRR calculations are dependent on the same formula as M-PESA and Nick Hughes NPV.

There are two ways to calculate the M-PESA and Nick Hughes IRR.

• By using a M-PESA and Nick Hughes Excel Spreadsheet: There are in-built formulae for calculating IRR.

IRR= R + [NPVa / (NPVa - NPVb) x (Rb - Ra)]

In this formula:

• Ra= lower discount rate chosen
• Rb= higher discount rate chosen
• NPVa= NPV at Ra
• NPVb= NPV at Rb

M-PESA and Nick Hughes IRR impacts your finance case solution in the following ways:

• If IRR>WACC, accept the alternative
• If IRR<WACC, reject the alternative

M-PESA and Nick Hughes Excel Spreadsheet

All your M-PESA and Nick Hughes calculations should be done in a M-PESA and Nick Hughes xls Spreadsheet. A M-PESA and Nick Hughes excel spreadsheet is the best way to present your finance case solution. The M-PESA and Nick Hughes Calculations should be presented in M-PESA and Nick Hughes excel in such a way that the analysis and results can be distinguished to the viewers. The point of M-PESA and Nick Hughes excel is to present large amounts of data in clear and consumable ways. Presenting your data is also going to make sure that you don't have misinterpretations of the data.

To make your M-PESA and Nick Hughes calculations sheet more meaningful, you should:

• Think about the order of the M-PESA and Nick Hughes xls worksheets in your finance case solution
• Use more M-PESA and Nick Hughes xls worksheets and tables as will divide the data that you are looking at in sections.
• Choose clarity overlooks
• Keep your timeline consistent
• Organise the information flow
• Clarify your sources

The following tips and bits should be kept in mind while preparing your finance case solution in a M-PESA and Nick Hughes xls spreadsheet:

• Avoid using fixed numbers in formulae
• Avoid hiding data
• Useless and meaningful colours, such as highlighting negative numbers in red
• Label column and rows
• Correct your alignment
• Keep formulae readable
• Strategically freeze header column and row

M-PESA and Nick Hughes Ratio analysis

After you have your M-PESA and Nick Hughes calculations in a M-PESA and Nick Hughes xls spreadsheet, you can move on to the next step which is ratio analysis. Ratio analysis is an analysis of information in the form of figures contained in the financial statements of a company. It will help you evaluate various aspects of a company's operating and financial performance which can be done in M-PESA and Nick Hughes Excel.

To conduct a ratio analysis that covers all financial aspects, divide the analysis as follows:

• Liquidity Ratios: Liquidity ratios gauge a company's ability to pay off its short-term debt. These include the current ratio, quick ratio, and working capital ratio.
• Solvency ratios: Solvency ratios match a company's debt levels with its assets, equity, and earnings. These include the debt-equity ratio, debt-assets ratio, and interest coverage ratio.
• Profitability Ratios: These show how effectively a company can generate profits through its operations. Profit margin, return on assets, return on equity, return on capital employed, and gross margin ratio is examples of profitability ratios.
• Efficiency ratios: Efficiency ratios analyse how efficiently a company uses its assets and liabilities to boost sales and increase profits.
• Coverage Ratios: These ratios measure a company's ability to make the interest payments and other obligations associated with its debts. Examples include times interest earned ratio and debt-service coverage ratio.
• Market Prospect Ratios: These include dividend yield, P/E ratio, earnings per share, and dividend payout ratio.

M-PESA and Nick Hughes Valuation

M-PESA and Nick Hughes Valuation is a very fundamental requirement if you want to work out your Harvard Business Case Solution. M-PESA and Nick Hughes Valuation includes a critical analysis of the company's capital structure – the composition of debt and equity in it, and the fair value of its assets. Common approaches to M-PESA and Nick Hughes valuation include

• DDM is an appropriate method if dividends are being paid to shareholders and the dividends paid are in line with the earnings of the company.
• FCFF is used when the company has a combination of debt and equity financing.
• FCFE, on the other hand, shows the cash flow available to equity holders only.

These three methods explained above are very commonly used to calculate the value of the firm. Investment decisions are undertaken by the value derived.

M-PESA and Nick Hughes calculations for projected cash flows and growth rates are taken under consideration to come up with the value of firm and value of equity. These figures are used to determine the net worth of the business. Net worth is a very important concept when solving any finance and accounting case study as it gives a deep insight into the company's potential to perform in future.

Alternative Solutions

After doing your case study analysis, you move to the next step, which is identifying alternative solutions. These will be other possibilities of Harvard Business case solutions that you can choose from. For this, you must look at the M-PESA and Nick Hughes case analysis in different ways and find a new perspective that you haven't thought of before.

Once you have listed or mapped alternatives, be open to their possibilities. Work on those that:

• need additional information
• are new solutions
• can be combined or eliminated

After listing possible options, evaluate them without prejudice, and check if enough resources are available for implementation and if the company workforce would accept it.

For ease of deciding the best M-PESA and Nick Hughes case solution, you can rate them on numerous aspects, such as:

• Feasibility
• Suitability
• Flexibility

Implementation

Once you have read the M-PESA and Nick Hughes HBR case study and have started working your way towards M-PESA and Nick Hughes Case Solution, you need to be clear about different financial concepts. Your Mondavi case answers should reflect your understanding of the M-PESA and Nick Hughes Case Study.

You should be clear about the advantages, disadvantages and method of each financial analysis technique. Knowing formulas is also very essential or else you will mess up with your analysis. Therefore, you need to be mindful of the financial analysis method you are implementing to write your M-PESA and Nick Hughes case study solution. It should closely align with the business structure and the financials as mentioned in the M-PESA and Nick Hughes case memo.

You can also refer to M-PESA and Nick Hughes Harvard case to have a better understanding and a clearer picture so that you implement the best strategy. There are a number of benefits if you keep a wide range of financial analysis tools at your fingertips.

• Your M-PESA and Nick Hughes HBR Case Solution would be quite accurate
• You will have an option to choose from different methods, thus helping you choose the best strategy.

Recommendation and Action Plan

Once you have successfully worked out your financial analysis using the most appropriate method and come up with M-PESA and Nick Hughes HBR Case Solution, you need to give the final finishing by adding a recommendation and an action plan to be followed. The recommendation can be based on the current financial analysis. When making a recommendation,

• You need to make sure that it is not generic and it will help in increasing company value
• It is in line with the case study analysis you have conducted
• The M-PESA and Nick Hughes calculations you have done support what you are recommending
• It should be clear, concise and free of complexities

Also, adding an action plan for your recommendation further strengthens your M-PESA and Nick Hughes HBR case study argument. Thus, your action plan should be consistent with the recommendation you are giving to support your M-PESA and Nick Hughes financial analysis. It is essential to have all these three things correlated to have a better coherence in your argument presented in your case study analysis and solution which will be a part of M-PESA and Nick Hughes Case Answer.

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