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The World's First Mobile Banking
Mobile subscribers may soon be able to enjoy the benefits of transferring cash via their mobile phones: a world first. Where is this happening? In Kenya – a country where more than 80% of the population are excluded from the formal financial sector.
Known as M-Pesa, the new service has been developed by Vodaphone who own a 35% share of Safaricom, Kenya’s biggest mobile operator. Mobile use in Kenya has been growing rapidly in recent years (as with most African countries), with over 8 million subscribers nationally.
M-Pesa (mobile money) is being offered by Safaricom as a way for subscribers to undertake cash transactions, sending money to other phone users by SMS text. In essence, this makes it the world’s first mobile banking service. At first glance, it may not seem a spectacular breakthrough, but in a country where many urban Kenyans support their families who may be living in poorer rural areas, it represents a revolutionary approach to banking.
As well as cash transactions, the service also enables users to open a virtual account on their mobile handset up to a total of 50,000 shillings (about £400). Safaricom officially launched M-Pesa 2 weeks ago and so far it has proved to be a runaway success. Around 12,000 people have signed up for the service already – which equates to some 8 million shillings worth of transactions to date.
www.businessinberkshire.co.uk/mymobilenews
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