Cell Phones as Bank Accounts Spreading in Africa

By on September 8, 2005

Africa’s cellphone boom creates a base for low-cost banking: I know this is not necessarily a new concept, but it’s good to see that it is spreading to people who really can benefit from it.

With the new technology, a grandmother in rural area can receive money from her son, working hundreds of miles away, with the beep of her cellphone. A teenager can buy groceries with a few punches of keys. Not a coin need change hands.

[…]

And if cellphone banking works in South Africa, the two companies hope it will help change banking throughout Africa, much of which remains a cash economy. “We believe that this very simple but very well-designed product has the potential to revolutionize banking on the African continent,” says Mr. Singh.

Gadgetopia

Comments

Comments are closed. If you have something you really want to say, email editors@gadgetopia.com and we‘ll get it added for you.