Writing.

USSD carries the large majority of Kenya’s mobile-money transactions for good economic reasons — and nobody has added up the aggregate human time that costs. A sourced, transparent low/mid/high estimate, built on Herd and Moynihan’s administrative-burden framework.

Three papers asked what changes when agents buy. This one asks what happens when they buy wrongly — and finds the wrongful-payment definition itself assumes a human who furnished access and can attest intent.

The debate over CBDCs is a distraction. What Africa needs, now, is stablecoin-native payment rails that route around the 7% tax the legacy system levies on every transfer.