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The M-Pesa mobile banking and payments service rolled into South Africa on August 31st. The service first became famous for its runaway success in Kenya. Telecom operator Vodacom and bank Nedbank are hoping demand will prove equally robust in South Africa.
Although several local banks in have for years offered mobile access to traditional bank accounts, few have offered person-to-person transfers via SMS (text messages) in a manner similar to M-Pesa’s simple platform. This low-tech approach has proven to be key in spurring adoption among populations without bank accounts elsewhere.
Read more at Financial Services Briefing: “M-Pesa makes a new debut” (August 31st)