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People Trust M-Pesa More than Banks

Safaricom’s mobile money platform M-Pesa is perceived more positively than traditional banks in Kenya, according to the Kenya Banking Sentiment Index published in August by DataEQ in collaboration with Deloitte. DataEQ tracked 330,000 Twitter posts mentioning Absa, Co-operative Bank, Diamond Trust Bank, Equity Bank, Kenya Commercial Bank, NCBA Bank and Stanbic in 2021. A sample of the posts was analysed and each one was ranked as either positive, negative, or neutral. Negative sentiment slightly outweighed positive sentiment for M-Pesa, resulting in a -1.0% net sentiment score for 2021. The score compared with an overall net sentiment score of -7.6% for the banking industry. That was despite the fact that social media conversation about M-Pesa jumped by 116% from 2020 to 2021.