I knew Africa was far ahead of us in terms of mobile banking, but I had no idea how far – this is real innovation:
Local transactions by Kenya’s mobile money service, M-Pesa currently exceed transactions made by Western Union globally, the International Monetary Fund (IMF) reports. According to the IMF, “M-Pesa now processes more transactions domestically within Kenya than Western Union does globally, and provides mobile banking facilities to more than 70 per cent of the country’s adult population.”
Launched in March 2007 by Kenyan telecoms operator, Safaricom, the service which now has over 14 million users in Kenya is currently the world’s most successful mobile payments system.
Meanwhile, I can’t even complete a phone call on my Blessed iProduct of Saint Steve at home.