WhatsApp, one of Facebook’s products, is perhaps the greatest social media gift to Kenyans. Often used in combination with M-Pesa, it has become a crowd-funding platform for many social problems ranging from hospital bills to funerals. It stands in the midst of the banked and unbanked communities and largely serves the underserved.
With the addition of Libra, Facebook’s latest crypto product targeting the underserved, existing payment platforms are likely to feel the pinch. There are more than 2,000 crypto coins trading online but none was designed to address problems of the underserved. Very few of these coins have any proven utility, but millions of people keep on gambling on their performance.
