section_path: Economy/Microfinance
section_name: Microfinance
paragraph_text: Microfinance
  
  More than 20 institutions offer business loans on a large scale, specific agriculture loans, education loans, and loans for other purposes. Additionally, there are:
  
  Out of approximately 40 million Kenyans, about 14 million are unable to receive financial service through formal loan application services, and an additional 12 million have no access to financial service institutions at all. Further, one million Kenyans are reliant on informal groups for receiving financial aid.
  
  To mitigate this problem, the mobile banking service M-Pesa was launched in 2007 by Vodafone and Safaricom, in collaboration from the Financial Deepening Challenge Fund competition established by the UK government's Department for International Development. M-Pesa allows users to deposit, withdraw, transfer money, pay for goods and services (Lipa na M-Pesa), access credit and savings, all with a mobile device, has provided access to digital transactions to millions of Kenyans in poverty situation.