… the second of these sessions was from Michael Joseph, CEO SafariCom, Kenya. In his session he described a new service that have launched in Kenya, in partnership with Vodafone, called M-Pesa. this service is revolutionising money management in Kenya through the application of an SMS-based money transfer system coupled with a wide distribution network of outlets across the country. With this system, consumers can pay for purchases, transfer funds, deposit funds, pay bills, prepay phone credit etc, by means of a simple mobile phone interface and an application resident in the phone sim card.
The service, launched in March 2007, now has a distribution network of over 1,800 outlets, over 1.8 million subscribers and over 1 billion transactions/month.
With plans for this to become a complete “mobile wallet” service, for me this is a truly innovative and exciting mobile service.