From Afghanistan to Zambia, mobile network operators (MNOs) in developing countries are launching mobile money services at a rapid pace. Yet while their enthusiasm to enter this business is clear to date 83 deployments have been launched and another 82 are being planned their rationale for doing so is not. Theres no doubt that Safaricoms runaway hit, M-PESA, is profitable. But Kenya represents somewhat of an anomaly the perfect coalescence of latent demand, a dominant MNO and a progressive regulator. So the question remains for just about every MNO outside of Kenya: is there really any money in mobile money?