Wednesday, March 07, 2007

Safaricom Launches World's First Mobile Money Service

The East African Standard (Nairobi)
March 6, 2007
Posted to the web March 6, 2007

By Tom Mogusu
Millions of mobile subscribers without bank accounts can now make simple financial transactions from their phones.

This follows Tuesday's launch of M-Pesa, a low-cost money transfer system from Safaricom.

The revolutionary service promises to turn your mobile phone into a bank account, cash machine, debit card and money transfer vehicle.

All you need is a new generation SIM card, available for free from the mobile operator. Users will be able to send money to all mobile phones - including those connected to rival operators - and receive money from other Safaricom subscribers.



kevin said...

Here is an updated story from the Guardian (UK):

kevin said...

Background on Safaricom here