A Mobile Banking Revolution

There is no more disruptive African-born business than M-Pesa. Launched in 2007 by carriers Safaricom and Vodacom (VDCMY), M-Pesa has spawned 150 copycat mobile money services across the developing world, and old Europe is next. With a simple text message, an M-Pesa customer can pay off a loan or collect on one, ideal for a part of the world where bank accounts are rare, but mobile phones are everywhere. Africa’s mobile money market topped $61 billion in 2012—greater than the amount of money sent via mobile in Europe and North America combined.

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