Bringing Banking Services to Base of the Pyramid Markets

Around the globe, millions lack access to banking and financial services. Vodafone aims to provide poor communities with banking services through its mobile banking platform — M-PESA. In 2008, Vodafone and partner Safaricom committed to make M-PESA available in Kenya, Afghanistan and Tanzania, and has plans to launch in India within a year where it could reach over 40 million customers.

Vodafone’s M-PESA platform allows customers to deposit and withdraw cash, transfer money to other customers, pay bills, and buy mobile air time. As of May 2009, the service has ballooned in popularity with 6.5 million subscribers in developing markets.

Media

M-PESA Launches in South Africa (Finextra.com)

Kenya’s M-PESA System Lets Cell Phones Control Access to Water (Fast Company)

Safaricom’s M-PESA Service Wins Global Award (IT News Africa)

M-PESA:  Mobile Money for the Unbanked (Policy Innovations)

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