The Anonymous Widower

So What Is M-Pesa?

In the post on the Scottish currency, I mentioned M-Pesa.  So what is it? I started by reading the Wikipedia entry. Here’s the initial paragraph.

In April 2007, following a student software development project from Kenya, Safaricom launched a new mobile phone based payment and money transfer service, known as M-Pesa. The service allows users to deposit money into an account stored on their cell phones, to send balances using SMS technology to other users (including sellers of goods and services), and to redeem deposits for regular money. Users are charged a small fee for sending and withdrawing money using the service. M-Pesa has spread quickly, and has become the most successful mobile phone based financial service in the developing world. By 2012, a stock of about 17 million M-Pesa accounts had been registered in Kenya.
The initial work of developing the product was given to a product and technology development company known as Sagentia. Development and second line support responsibilities were transferred to IBM in September of 2009, to where most of the original Sagentia team transferred.

It sounds a lot more sophisticated than anything we’ve got here! Especially, as it works on the humblest of Nokia mobile phones!

It’s developments like this, that will empower individuals and kill off the unnecessary wunch, that some still call bankers.

April 23, 2013 - Posted by | Business, Computing, Finance, World | , , ,

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