March 6, 2007
Kenyans to transfer money using cell phones
Safaricom, Kenya's biggest cell phone firm, on Tuesday launched a money transfer service that will use short message services, which it said was the first of its kind in the world. Reuters reports.
"The product allows its 5.8 million subscribers to use their cell phones to send money in the east African country where it is commonplace for one family member working in the city to support a whole family living in rural areas.
... Kenyans will deposit or access the money through Safaricom agents like supermarkets or shops situated all over the country.
Kenya's Minister for Communication, Mutahi Kagwe, highlighted the opportunity for remote communities: "This will help people in far-flung parts of the country who have no banking services, now anyone can have a bank in their pocket."
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