Mobile Money: M-Pesa in Kenya and South Africa

What is mobile money? Ernst & Young defines mobile money as the services that allow electronic money transactions over a mobile phone, also referred to as mobile financial services, mobile wallet and mobile payment. Origins The mobile money transfer system M-Pesa started in 2007 as a project from Vodafone for Safaricom and Vodacom. Its creators were initially looking to devise a cheap and fast system for women to repay micro-loans, which would allow for lower interest rates. The product, however, soon proved to have great potential. Today, M-Pesa has around 18 million customers in Kenya only and operates in 10 … Continue reading Mobile Money: M-Pesa in Kenya and South Africa