InfoAnda - Africa's upwardly mobile money

Pakistanis angry over detentions in Times Sq. case
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ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
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AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

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Minister seeks closure of anti-Berlusconi websites
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ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

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By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Africa's upwardly mobile money Sun May 31, 2009 8:12pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Helen Nyambura-Mwaura and Ed Cropley NAIROBI/JOHANNESBURG (Reuters) - To 28-year-old Kenyan Mary Wanjiku, her cell phone is not just a cell phone. It is also a cheap, safe and easy way of sending her mother $40. But by using it to ping cash to friends and family she and millions of Africans are joining Japan in breaking a technology barrier that remains in Europe and the United States, and paving the way to what could be the cash of the future. "Before, I would be forced to make the journey home to deliver the money," Wanjiku said outside a Nairobi shop that doubles as an agent for M-PESA, the virtual cash network that means 'mobile money' in Swahili, Kenya's lingua franca. "M-PESA has revolutionized my life." The network, owned by Kenya's biggest mobile phone firm Safaricom, has its roots in Africa's lack of infrastructure -- particularly bank branches -- and the enthusiasm with which people have taken to mobile phones. Only one in five people have bank accounts, mainly because of the prohibitive cost to the banks of operating branches in far-flung parts of a continent where many of the population of one billion live on a few dollars a day or less. But mobile phones are spreading extremely fast: to 270 million in 2007 from just 50 million in 2003, according to industry association GSMA. Teaming up with Kenya Commercial Bank to let phone users who do not have bank accounts send each other money, M-PESA hit on a formula that has attracted 6.5 million customers, or one in six Kenyans, in just over two years. In Japan, which has pioneered the technology and business models toward wallet phones, about 55 million mobile phones have an e-money function, so about half of Japanese users carry them. The global market for mobile money is growing at 70 percent a year and should attain 'mainstream' status by 2012 with more than 190 million customers, or more than three percent of mobile users, IT consultancy Gartner said in a May report. Other phone companies such as South Africa's MTN -- the continent's biggest operator -- and Kuwait's Zain are piling in with similar services in a slew of countries including South Africa and Nigeria, and have pilot schemes stretching from the Middle East to Afghanistan. "Mobile handsets are in an excellent position to become the primary digital channel for providers of banking and related financial services in emerging markets," Berg Insight analyst Marcus Persson said. In much of Europe and the United States access to fast Internet connections -- enabling online banking -- has been a brake on mobile money, but Berg Insight expects it to catch on as wireless technologies such as Bluetooth spread. "MOBILE WALLET" The scope of the African systems has grown quickly from simple cash transfers by text message to payments for everything from a taxi ride to a utility bill, and it is possible to spend a day in Nairobi without carrying any cash. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Afghanistan and Pakistan Fighting the Taliban A growing insurgency in Afghanistan is also spreading deep into Pakistan, making both countries crucial to U.S. war efforts in the region. Full Coverage More International News Pakistanis secure Swat town, clash in other areas | Video Rebel Georgian region holds election, tension builds Six killed when Abbas forces hit Hamas in West Bank Cracks show in Bulgaria's Muslim ethnic model Iran defuses homemade bomb on plane: report More International News... Related News FACTBOX: Main "mobile money" players in Africa, Middle East 31 May 2009 FACTBOX: Africa's cell phone cash -- how it works 31 May 2009 Featured Broker sponsored link Editor's Choice Slideshow A selection of our best photos from the past 24 hours. Slideshow Most Popular on Reuters Articles Video Federal Reserve puzzled by yield curve steepening Kansas abortion doctor shot to death at church North Korea may launch long-range missile in weeks: report | Video GM to file for bankruptcy, Chrysler sale cleared RPT-WRAPUP 1-GM to file for bankruptcy, Chrysler sale cleared "Twilight" sweeps MTV Awards INSTANT VIEW: GM to file bankruptcy Monday Geithner says U.S. will cut deficits, but GM bill grows Hedge funds worried Obama moves could backfire Japan's Nikkei up after news GM to go bankrupt Most Popular Articles RSS Feed Video West Bank fighting kills six Colombian politician kidnapped Police detain anti-Putin protesters Suu Kyi trial internal affair. Dozens dead in China pit blast China's smoking habit hard to kick Prince Harry takes NY by storm Hot date for Obama U.S. 'opposes' nuclear North Korea Pakistan army "recaptures" main town Most Popular Videos RSS Feed The Great Debate Fearing the supermen of Guantanamo Bernd Debusmann The language used in the debate over plans to close the detention center has taken on a surreal quality and convey the impression that Guantanamo detainees will wander the streets, shopping for sandals and guns. Commentary Follow Bernd Debusmann on Twitter We want to hear from you Join the Reuters Consumer Insight Panel and help us get to know you better Please take a moment to complete our survey Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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