Text banking trialled in Kenya

Text messaging could provide the solution to small businesses' banking needs in East Africa, according to a report in The Observer. The British government has provided £1 million to a pilot headed up by Vodafone. [via The Inquirer].

"The scheme is being tested out in Kenya in conjunction with local mobile operator Safaricom (in which Vodafone holds a stake). The objective is to enable Africans to make 'micropayments' using their mobile phones.

The majority don't hold bank accounts but they do purchase pre-paid top-up cards from a network of small shops and petrol stations. Therefore they could settle bills by building up credit on the mobile phones and then sending a text (SM) to make a payment."

emily | 12:36 PM | SMS and Banking |
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