This archive report was first published on 15 September 2021.
On September 15, 2021, a shift in Kenya's economy was reflected in the M-Pesa icon change from 'buy goods' to 'buy goods and services.'
As the country navigated the COVID-19 pandemic, many Kenyans turned to digital platforms like M-Pesa for cashless transactions, which helped flatten the curve and saved lives.
However, this shift also brought out the 'bad side' of Kenyan behavior, with many people reversing transactions after paying through M-Pesa, often by withdrawing cash from agents instead of sending money directly to a phone number.
According to some users, sent money can be reversed easily, but not when withdrawn from an agent. To avoid reversal, some people have found ways to 'innovate,' such as buying airtime or forwarding the money to another number.
As the economy continues to evolve, policymakers should not ignore the importance of industrialization, which contributes to national pride, jobs, and the multiplier effect.
Climate change could be used as an excuse to avoid industrialization, but Kenya has plenty of renewable energy sources, including geothermal, hydro, and solar power.
Ultimately, the M-Pesa icon change is a reminder that there is more to the economy than just services, and that policymakers should strive for a balance between industrialization and innovation.
