Table 3 Characteristics of the cases
| Â | Company | Safaricom | Ant Financial | Nubank |
|---|---|---|---|---|
Country | Kenya | China | Brazil | |
Year | 2007 | 2011 | 2014 | |
Demand characteristics | Adopter category | Late majority | Early majority | Early majority |
Cell phone penetration a | Medium (43%) | High (72%) | High (137%) | |
Remittance (inflows/GDP) | High (2.0%) | Low (0.2%) | Low (0.1%) | |
Regulation and government | Regulation | None | None | Partial |
Governmental incentive | External (UK) | Internal | None | |
Doing Business | good (61/190) | good (46/190) | average (109/190) | |
Management qualities | Origins of capital | Private and public | Private | Private |
Structure | Organic | Organic | Organic | |
Work environment | Formal | Informal | Informal | |
Coverage | Antecedent network | 66% b | 58% c | None |
Employees |  > 2300 |  > 7000 |  < 1100 | |
Bundling | Banking & Payment | Yes | Yes | Yes |
Service categories | 2 | 5 | 3 | |
Credit card penetration | 6% | 8% | 32% |