Countries in Africa face serious and worsening poverty brought about by historical and recent factors including the global economic downturn and national debt crises. Different actors have tested several mechanisms with the promise to alleviate poverty. Bottom-of-the-pyramid (BoP) and social assistance programmes in the form of cash transfers are such models. Despite the hype associated with the models, both demonstrate little achievement in the promotion of well-being in Africa, but instead, businesses are profiting at the expense of the poor. In this paper, we argue that the two models are precursors, handmaidens and the embodiment of the financialisation of social policy in Africa. Drawing on field interviews in Kenya, we demonstrate how the models have enabled financialisation of social policy through a narrative of financial inclusion of the poor, integration of market players in social protection, and through motives to orient the poor towards service-oriented markets.
