NAIROBI: Mobile money is a phenomenon that has gone far beyond borders here in Africa than other countries in the world. In Kenya, the technology has been adopted with enthusiasm and other countries such as Algeria and Sudan are following suit. Locally we have mobile payment solutions such as: Airtel Money by Bharti Airtel, Mpesa by Safaricom, Yu Cash by Yu Mobile and Orange Money by Orange Kenya and all these mobile payments have greatly impacted growth in the economy and are the suitable form of payment by many Kenyan's. Banking has been redefined and these mobile payments are aiding to enhance availability of cash flows to areas where banks cannot extend to. In addition to that, mobile phones can also be used to make deposits to bank accounts, check bank balances, check commodity prices and check foreign exchange rates. According to Betty Mwangi, General Manager Financial services at Safaricom Kenya, when MPESA was initiated into the Kenyan market five years ago, it was limited to mobile to mobile cash transfers, but now it has been redefined to offer financial services that are now affordable, secure and convenient. In a survey of global financial habits by the Gates Foundation, the World Bank and Gallup World Poll found 20 countries in which more than 10% of adults say they used mobile money at some point in 2011, of those, 15 are African. In Kenya, the Sudan and Gabon half or more of adults used mobile money as compared to countries with more developed financial systems where the number of adults who use mobile money is small; that is 1% in Brazil and Argentina. In Somalia, one study found that 80% of the capital for start-up firms came from the diaspora. In Africa only about 10% of people with primary or no education have bank accounts, compared with 55% of those with tertiary education. It's also noted that in Kenya 68% of adults use mobile money and more than 40% have ordinary bank accounts. In a nutshell, mobile payment technology holds great aspirations now and in the future.
