Telkom, KPLC, Nairobi Water company etc should be thinking of how they can partner with Safaricom and modify the M-pesa initiative to enable us pay utility bills through our mobile phones. Just a thought................. -----Original Message----- From: kictanet-bounces+jkagwe=aforbes.co.ke@kictanet.or.ke [mailto:kictanet-bounces+jkagwe=aforbes.co.ke@kictanet.or.ke] On Behalf Of alice Sent: Tuesday, March 20, 2007 6:12 PM To: Kagwe James Subject: [kictanet] [Fwd: [DigAfrica] Kenya sets world first with money transfers by mobile] We are the world's first. Kudos to Safaricom -------- Original Message -------- Subject: [DigAfrica] Kenya sets world first with money transfers by mobile Date: Tue, 20 Mar 2007 11:28:50 -0000 From: Chifu <chifu2222@gmail.com> Reply-To: DigAfrica@yahoogroups.com To: DigAfrica@yahoogroups.com Kenya sets world first with money transfers by mobile Xan Rice in Nairobi Tuesday March 20, 2007 The Guardian The ping of a text message has never sounded so sweet. In what is being touted as a world first, Kenya's biggest mobile operator is allowing subscribers to send cash to other phone users by SMS. Known as M-Pesa, or mobile money, the service is expected to revolutionise banking in a country where more than 80% of people are excluded from the formal financial sector. Apart from transferring cash - a service much in demand among urban Kenyans supporting relatives in rural areas - customers of the Safaricom network will be able to keep up to 50,000 shillings (£370) in a "virtual account" on their handsets. Developed by Vodafone, which holds a 35% share in Safaricom, M-Pesa was formally launched in Kenya two weeks ago. More than 10,000 people have signed up for the service, with around 8m shillings transferred so far, mostly in tiny denominations. Safaricom's executives are confident that growth will be strong in Kenya, and later across Africa. "We are effectively giving people ATM cards without them ever having to open a real bank account," said Michael Joseph, chief executive of Safaricom, who called the money transfer concept the "next big thing" in mobile telephony. M-Pesa's is simple. There is no need for a new handset or SIM card. To send money you hand over the cash to a registered agent - typically a retailer - who credits your virtual account. You then send between 100 shillings (74p) and 35,000 shillings (£259) via text message to the desired recipient - even someone on a different mobile network - who cashes it at an agent by entering a secret code and showing ID. A commission of up to 170 shillings (£1.25) is paid by the recipient but it compares favourably with fees levied by the major banks, whose services are too expensive for most of the population. Mobile phone growth in Kenya, as in most of Africa, has been remarkable, even among the rural poor. In June 1999 Kenya had 15,000 mobile subscribers. Today it has nearly 8 million out of a population of 35 million, and the two operators' networks are as extensive as the access to banks is limited. Safaricom says it is not so much competing with financial services companies as filling a void. In time, M-Pesa will allow people to borrow and repay money, and make purchases. Companies will be able to pay salaries directly into workers' phones - something that has already attracted the interest of larger employers, such as the tea companies, whose workers often have to be paid in cash as they do not have bank accounts. There are concerns about security, but Safaricom insists that even if someone's phone is stolen the PIN system prevents unauthorised withdrawals. Mr Joseph said the only danger is sending cash to the wrong mobile number and the recipient redeeming it straight away. The project is being watched closely by mobile operators around the world as a way of targeting the multibillion pound international cash transfer industry long dominated by companies such as Western Union and Moneygram. Remittances sent from nearly 200 million migrant workers to developing countries totalled £102bn last year, according to the World Bank. The GSM Association, which represents more than 700 mobile operators worldwide, believes this could quadruple by 2012 if transfers by SMS become the norm. Vodafone has entered a partnership with Citigroup that would soon allow Kenyans in the UK to send money home via text message. The charge for sending £50 is expected to be about £3, less than a third of what some traditional services charge. Cheques and texts 19% Adult Kenyans with bank accounts 54% Adult Kenyans with a mobile phone or access to one 58% Most popular way to transfer money in Kenya: send it with a family member or friend (Source: FSD Kenya) 22p Cost of sending £260 via text message in Kenya £1.25 Cost for recipient to cash it in (Source: Safaricom) £102bn Money sent home to developing countries by migrant workers in 2006 (Source: World Bank) 3 billion People in world with mobile phones http://technology.guardian.co.uk/news/story/0,,2038302,00.html <http://technology.guardian.co.uk/news/story/0,,2038302,00.html> __._,_.___ Messages in this topic <http://groups.yahoo.com/group/DigAfrica/message/5765;_ylc=X3oDMTM0ODAxbzZtBF9TAzk3MzU5NzE0BGdycElkAzI5MDI0NDQEZ3Jwc3BJZAMxNzA1MTE2MjkxBG1zZ0lkAzU3NjUEc2VjA2Z0cgRzbGsDdnRwYwRzdGltZQMxMTc0MzkwMjg1BHRwY0lkAzU3NjU-> (1) Reply (via web post) <http://groups.yahoo.com/group/DigAfrica/post;_ylc=X3oDMTJwNXVjbGZsBF9TAzk3MzU5NzE0BGdycElkAzI5MDI0NDQEZ3Jwc3BJZAMxNzA1MTE2MjkxBG1zZ0lkAzU3NjUEc2VjA2Z0cgRzbGsDcnBseQRzdGltZQMxMTc0MzkwMjg1?act=reply&messageNum=5765> | Start a new topic <http://groups.yahoo.com/group/DigAfrica/post;_ylc=X3oDMTJlajBldWdrBF9TAzk3MzU5NzE0BGdycElkAzI5MDI0NDQEZ3Jwc3BJZAMxNzA1MTE2MjkxBHNlYwNmdHIEc2xrA250cGMEc3RpbWUDMTE3NDM5MDI4NQ--> Messages <http://groups.yahoo.com/group/DigAfrica/messages;_ylc=X3oDMTJlNG85MmZuBF9TAzk3MzU5NzE0BGdycElkAzI5MDI0NDQEZ3Jwc3BJZAMxNzA1MTE2MjkxBHNlYwNmdHIEc2xrA21zZ3MEc3RpbWUDMTE3NDM5MDI4NQ--> | Links <http://groups.yahoo.com/group/DigAfrica/links;_ylc=X3oDMTJmNzJnMDFzBF9TAzk3MzU5NzE0BGdycElkAzI5MDI0NDQEZ3Jwc3BJZAMxNzA1MTE2MjkxBHNlYwNmdHIEc2xrA2xpbmtzBHN0aW1lAzExNzQzOTAyODU-> | Polls <http://groups.yahoo.com/group/DigAfrica/polls;_ylc=X3oDMTJmNXR2a3I5BF9TAzk3MzU5NzE0BGdycElkAzI5MDI0NDQEZ3Jwc3BJZAMxNzA1MTE2MjkxBHNlYwNmdHIEc2xrA3BvbGxzBHN0aW1lAzExNzQzOTAyODU-> | Calendar <http://groups.yahoo.com/group/DigAfrica/calendar;_ylc=X3oDMTJkdmkzc3U2BF9TAzk3MzU5NzE0BGdycElkAzI5MDI0NDQEZ3Jwc3BJZAMxNzA1MTE2MjkxBHNlYwNmdHIEc2xrA2NhbARzdGltZQMxMTc0MzkwMjg1> Dig Africa site welcomes you to join us at http://www.yahoogroups.com/group/Digafrica on IT in Africa Aids-Africa is a forum for communication and information on AIDS related issues in Africa and all are welcome to join us at http://www.yahoogroups.com/group/aids-africa Join us on hiv/aids forum on Kenya at http://www.yahoogroups.com/group/kenya-aids Join us at a Kenyan networking forum and NGOS at http://www.yahoogroups.com/group/kenyainternational Yahoo! 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