TikTok is also making moves in Africa, where it opened a local office in Nairobi, Kenya, in January and has been courting influencers in South Africa and Nigeria, among other countries. Africa’s social network users are very young and mobile-centric, making them a good target for TikTok.
M-Pesa has also improved overall financial inclusion in Kenya. According to the Central Bank of Kenya, 83% of the population had access to formal financial services in 2019, up from just 14% in 2006. That increase was largely driven by mobile money services like M-Pesa. International providers eyeing African markets should keep these unique characteristics in mind.