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.
One 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.
