Monday, August 20, 2007

M-Pesa adds US $8 m to Safaricom's bottom line in first e months!

Is the Future of Mobile Banking and Payments in Kenya?

One of the neat things about innovation in the mobile space is that it is a far more global trend than the previous rounds of PC-based technological advances. Asia, Europe, and the United States are all playing large roles, but even Africa is taking part.

m-pesa-logo.jpgOne recent example comes from Kenya, where Safaricom, the country's leading mobile provider is making waves with its cash transfer service M-Pesa. The popular p2p money-transfer service added almost USD$8 million to the company's bottom line in its first three months of operations.

M-Pesa's sights are now set on becoming the commerce platform of choice in a country where credit cards have struggled to reach the mostly "unbanked" population. The potential stakes are huge for the various players and will be exciting to watch.