79%, or approximately 34.7 million
, of Kenya's population is considered rural
of the financial institutions in Kenya offer one or more of their products over a mobile phone
In the Middle East and Africa, mobile data traffic will grow at a
77% compound annual growth
rate from 2012 to 2017
Service providers play a key role in connecting people in previously unconnected areas. By enabling access to mobile banking and financing options through the mobile Internet, service providers are connecting more people to resources and information than ever before. By bringing these mobile experiences to life, service providers are helping to build the economy of developing countries.
In the heavily populated country of Kenya, 79 percent of the population,
or approximately 34.7 million people, are considered rural. For this large rural population, gaining access to loans to build and create businesses is very expensive. Financial institutions are moving toward offering services via mobile technology, with 75 percent of banking products now accessible over a mobile phone.
Service providers bring a mobile Internet platform that enables new applications to be accessible through mobile devices. One such application is
Kiva Zip Kenya
, a microlending service that uses mobile money transfer technology to connect lenders and borrowers through an SMS-based banking system. Through mobile banking technology, individuals around the world can lend to Kenyan entrepreneurs who are outside the reach of microfinance institutions and banks. The
Cisco Visual Networking Index
2012-2017 forecasts that mobile data traffic in the Middle East and Africa will grow 17-fold by 2017, a compound annual growth rate of 77 percent.
By connecting Kenyans to investors from all over the globe, service providers are opening the door for the Internet of Everything (IoE) to make these networked connections more relevant and valuable than ever before. The microlending connections that service providers offer between people and applications such as Kiva Zip Kenya enable citizens to take advantage of new business opportunities while improving the quality of life for themselves and their communities. This is just one way that the IoE is helping to build new economies.