Ex-CBK Governor Ndung’u reveals M-Pesa faced initial resistance

Speaking at an event in Sweden, Ndung'u, who later served as Treasury Cabinet Secretary, said sections of the CBK viewed the proposed mobile money service as either a money-laundering tool or a pyramid scheme...

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Former Central Bank of Kenya (CBK) Governor Njuguna Ndung’u revealed that M-Pesa faced significant internal resistance from the regulator upon its inception in 2007, with some officials fearing it could be used for illicit activities.

M-Pesa, launched in March 2007, faced opposition from within the Central Bank of Kenya (CBK), viewed by some as a money-laundering tool or a pyramid scheme.
Njuguna Ndung’u, then CBK Governor and later Treasury Cabinet Secretary, championed the mobile money platform for its potential in advancing financial inclusion.
M-Pesa now serves approximately 40 million active customers in Kenya and processed Sh41.68 trillion in transactions in the 12 months ending March 2026.

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