Kenya’s new mobile money
Mobile money in Kenya – the start of a new tech economy.
The Βι¶ΉΤΌΕΔ's Peter Day traces the story of how a mobile payment experiment has kick-started an emerging high tech trend.
Almost a third of Kenya's economy now goes through a mobile money system. Nobody anticipated the speed with which Kenyans have adopted this virtual currency. In a country where 80% of the population does not have a bank account, this is a secure and easy way to pay and transfer money to anyone, anywhere. Now the system has morphed from a method of payment into a platform for all sorts of businesses, so there are start-ups aiming to boost fundraising for funerals and weddings, help landlords collect rent, and loan mobile phone credit.
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