Fostering Financial Inclusion with Mobile Banking – African Development Bank

The annual growth rates of mobile phone penetration in the developing world have ranged between 30% and 50% or higher, and penetration has been…

GIBS Information Centre / GIBSIC‘s insight:

Inclusive market penetration – mobile :

Kenya and South Africa, at the forefront of Mobile Banking

Only 19% of the adult population in Kenya has access to a formal bank account, and banking services in Kenya are largely restricted to urban populations. Cellular operators have designed an ingenious way to provide financial services to rural populations in remote areas. In 2007, Safaricom, a national mobile telephony operator, at the time a subsidiary of Vodafone, introduced M-Pesa: ‘M’ standing for Mobile and ‘Pesa’ for money in Swahili. This revolutionary service enables money transfers between mobile phones via SMS, from the most rudimentary mobile phone.

See on www.afdb.org

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s