The literature on Base of the Pyramid (BoP) strategies emphasizes that
creating social value requires collaborative, multi-stakeholder business
approaches. However, there is limited understanding of how businesses
can successfully coordinate such value creation processes in the developing
economies that face significant institutional voids. This study adopts a
business model perspective for analyzing social value creation processes
that span organizational boundaries. We introduce a novel, theoretically
grounded business model framework that helps conceptualize social value
by locating the various loci of value creation, and the stakeholders that
partake in creating and capturing this value. We subsequently analyze the
mechanisms of social value creation in M-Pesa, a renowned boundaryspanning
mobile money system that has advanced financial inclusion among
tens of millions of u
