Africa is known as the cradle of civilization although what's going on in certain parts of the continent, today, is uncivilised at best and downright savagery at worst. Anyway, I digress.
Safaricom (Kenya) in conjunction with Vodafone (UK) has rolled out M-PESA, a mobile payment solution that allows mobile phone users to send and receive money via their mobile handset, at a fraction of the cost of traditional money transfers.
M-PESA's ultimate target market is the Kenyan Diaspora who remit a significant amount of money to the folks back home. One of the more impressive statistics is that approximately 1 in 4 Kenyans has a mobile phone and the expectation is that the number of mobile subscribers will continue its rapid upward trajectory. Using M-PESA does not require one to have a bank account which is a big plus. Another is the fact that one can transfer money to a relative who maybe on a different network (read Celtel).
First Kenya, next the world!!
****UPDATE****
You can read more here
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