The potential of mobile phones to revolutionize access to financial services in developing countries is exemplified powerfully by the success of the M-Pesa mobile money service in Kenya. But the apparent difficulty of replicating M-Pesa's success even in neighboring countries suggests that some...

This paper contrasts the psychological and cultural richness of informal savings mechanisms with the simpler, more rigid and yet less intuitive format of digital savings products. Financial inclusion should not imply a rejection of informal financial practices but a synthesis of the informal and...